Banking

HSBC Gives Corporate Customers Access To Face ID

Banking and financial services provider HSBC has started enabling its corporate customers to access mobile banking using a facial scan.

According to a report on BankingTech, HSBC’s bank clients in 24 countries can now use Apple‘s Face ID to access the HSBCnet app, which already supports Touch ID. HSBC said the ability to access the account via facial recognition speeds up the login time to under one second. As a big fan of biometric technology for financial services, HSBC reminds customers that they can use Touch ID fingerprint-recognition, voice recognition, and Selfie ID to log in with a photo.

Diane S. Reyers, HSBC’s global head of liquidity and cash management, said in the report, “HSBCnet Mobile use has grown by 60 percent in the last year alone, with an equivalent growth in value. With single amounts of up to $1 billion authorized on the app, we know our customers will appreciate the additional security and ease Face ID allows.”

HSBC noted that Face ID is secure, given it analyzes more than 30,000 reference points to create a map of the user’s face. Face ID was added as part of HSBC’s Digital Transformation for Corporates (DTC) program, which is aimed at building and developing a digital banking experience that is customer-centric.

At the end of March, HSBC gave its corporate clients access to another digital technology: PayPal. In an announcement, HSBC said it now lets its corporate customers use PayPal for supplier payments via a partnership between the two entities.

Tom Halpin, HSBC global head of payments in global liquidity and cash management, said, “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 counter-parties in a fast and efficient manner.”

The companies noted that the partnership will help HSBC’s corporate clients work with suppliers who prefer to get paid via PayPal.

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