HSBC has developed a new tool to enable real-time payments for its international customers.
Funds can be transferred through a single account in 20 countries.
This will impact 14mn international customers.
Customers will also get “preferential” FX rates when they make a transfer.
What does this mean?
HSBC says that is aims to create a “borderless” banking experience for its customers. It has seen a 150% increase in mobile banking since the Covid outbreak so wants to ensure users can exchange money remotely.