HSBC has launched a new service, FX Flexpay, which enables clients to make automated, international payments in more than 140 currencies, using a single API.
FX Flexpay connects Global Disbursements – the bank’s system for cross-border, low value mass payments – with FX FlexRate, HSBC’s proprietary FX pricing technology that guarantees FX rates or offers them in real time.
HSBC claims that the result is a solution that provides transparency for FX rates and an efficient operating model for global payments. FX Flexpay has gone live in Europe, Hong Kong, the Middle East and North America.
“Our corporate, institutional and sovereign customers will now be able to use Flexpay to make automated, overseas remittances or disbursements and other types of payments from a choice of more than 140 currencies. Clients can choose guaranteed or real-time FX rates, depending on their preferences. Pricing is transparent and reported on a trade-by-trade basis,” says Gregory Edwards, global head of transactional FX at HSBC.
Thomas Halpin, global head of payment products, adds: “We are always looking to make payments processes simpler and faster, and to support clients in improving their operational efficiency. Flexpay does just that. Embedding our payments and FX capabilities into a client’s own platforms makes the global payments process much more efficient.”