British banking group HSBC has added PayPal as a new payment option for its global disbursement service for corporate customers.
The disbursements business unit facilitates cross-border payments in 136 currencies through various domestic and international payment schemes.
HSBC global head of payments in global liquidity and cash management Tom Halpin said: “Our collaboration with PayPal will significantly expand the payments network accessible to our clients through HSBC, allowing them to send payments to a much wider range of counterparties in a fast and efficient manner.”
Apart from HSBC, PayPal has similar partnerships with Citi, Bank of America and JPMorgan Chase in place.
PayPal VP, head of payments, product and engineering Jim Magats added: “Our agreement with HSBC demonstrates how PayPal’s strategy of partnership with global banking institutions is delivering significant benefits for businesses and consumers around the world. PayPal and HSBC share a common vision of making payments simpler, secure and more convenient for merchants and consumers who want to manage and move their money digitally around the globe.”