An announcement Thursday (March 29) said HSBC now lets its corporate customers use PayPal for supplier payments via a partnership between the two entities.
“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,” said HSBC Global Head of Payments in Global Liquidity and Cash Management Tom Halpin.
“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,” added PayPal VP, Head of Payments, Product & Engineering Jim Magats in another statement. “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.”
The companies noted that the partnership will help HSBC’s corporate clients work with suppliers that prefer to get paid via PayPal.
In addition to HSBC, PayPal counts Citi, Bank of America and JPMorgan Chase as a few of its other bank partners. Those collaborations also extend into corporate banking services — last month PayPal and Bank of America announced their partnership now enables business clients to make cross-border payments using PayPal.
The tie-up integrates PayPal with Bank of America’s Global Digital Disbursements solution that supports business-to-consumer (B2C) global payments. The financial institution said at the time it was the first to enable B2C payments via PayPal.
PayPal has also been enhancing its presence in B2B payments via other collaborations. In 2016, the company partnered with business accounting company Reckon, recently acquired by MYOB, while it also struck a separate deal with Xero. Last year, PayPal announced a partnership with Oro to facilitate payments on its B2B eCommerce platform, OroCommerce.