HSBC has decided to make PayPal as its medium for payment through 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, said the collaboration with PayPal will significantly expand the payments network accessible to the bank’s clients through HSBC, allowing them to send payments to a much wider range of counterparties in a fast and efficient manner.
