PayPal's strategy of making deals with big banks is bearing fruit, as HSBC becomes the latest to add the payment method to its global disbursement service for corporate customers. The HSBC disbursements business already allows customers to reach beneficiaries globally in 136 currencies through domestic and international payment schemes while also enabling the status of payments to be tracked online. The addition of PayPal will make life easier for customers dealing with suppliers who prefer doing business through their PayPal accounts.Tom Halpin, global head of payments in global liquidity and cash management at HSBC, says: “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."PayPal has been busy building ties with the big banks in the last year, inking a range of agreements across a full spectrum of payment channels with the likes of Bank of America, Citi and JPMorgan Chase, among others. "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,” says Jim Magats, VP, head of payments, product & engineering at PayPal. “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."
HSBC has become the latest major bank to incorporate PayPal into its financial services, following similar tie-ups with Bank of America, Citi and JPMorgan Chase in 2017. HSBC's corporate customers will benefit from the collaboration, as PayPal becomes part of its global disbursement service, enabling them to send payments to a wider range of suppliers and customers.