In a little over a year since its launch, HSBC's corporate mobile banking service has been used to authorise USD6 billion worth of payments worldwide, including a single payment of USD50m. This is another example of the increasing demand from corporate treasurers for mobile solutions.
HSBCnet Mobile enables corporate treasurers to check account balances and statements, authorise payment instructions (including priority payments, payments in the Eurozone, inter-account transfers, bill payments and ACH credits/debits) and receive payment alerts using smartphones, see figure.
Prority payment authorisation
Source & Copyright©2012 - HSBC
In addition, users can authorise cross-border payments with 'Get Rate', which allows customers to view and instantly book foreign exchange rates when making foreign-currency payments. HSBCnet Mobile is a free, value-added service to customers, without the need for a cumbersome or resource-intensive installation.
The growth rate at which the volumes of payments authorised by corporate treasury departments on mobile devices and the increase in the value of the transactions is staggering. The bigger revolution is how working practices are changing and so mobile based applications are now rivalling desktop applications for many day-to-day banking functions. This has profound implications for the structure of corporate treasury departments.
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