HSBC, Western Union: On-the-go, anytime, nearly anywhere in the world.

Both HSBC USA, a part of the HSBC Group (NYSE: HSBC), and Western Union (NYSE: WU) reported rapid growth in the usage of services such as mobile banking, digital transactions, and app downloads during the pandemic afflicted quarters.

Encouraged, the finserve giants launched global, borderless real-time payments.

HSBC launches a Global Money Account

HSBC USA announced the launch of its Global Money Account. It has the ability to hold different HSBC currencies online, with conversion to other currencies. The fully mobile-based account manages finances in multiple currencies/geographies. The platform allows fee-free remittances to 14 million HSBC customers in 20 countries worldwide. (BusinessWire)

“Through the COVID-19 pandemic, we have seen the usage of our Mobile Banking facilities increase by more than 150 percent,” said Matthias Dekan, Head of HSBC Global Money, HSBC Group.

“The HSBC Global Money Account further supports our customers in being able to manage their finances from the comfort and safety of their homes or when they’re on the go.”

With their Global Money Account, HSBC customers have one global account for all the financial needs. They do not need to open a new account in case they move from one market to another. “This will allow them to pay bills in multiple markets, make cross border transfers and spend like a local wherever they are,” said Carolyn Criscitiello, Head of Digital Payments, Wealth and Personal Banking, HSBC USA.

Western Union expands real-time digital payout capabilities globally

Western Union made good on its 2019 promise to expand its real-time payout into bank accounts, wallets, and cards in 100 countries by 2020.

The company announced Monday that digital transactions grew 96%, including 53% for WesternUnion.com in the third quarter of 2020. Further, there was significant incremental growth from digital partnerships. The payment giant saw strong customer engagement because the average monthly active customer growth was 47% during the quarter.

In the context of the company’s expansion of real-time, cross-border payouts into billions of bank accounts in 100 countries, Jean Claude Farah, Western Union President Global Network, said the company’s strategy was purpose-built for where the world is headed.

“With rapid execution with global scale, we are powering the world’s cross-border payment momentum with a globally diverse network to serve payment solutions, anytime and anywhere.”

The real-time payout capabilities are available to bank accounts and/or wallets or cards globally through select partners or banks.

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