HSBC Announces Enhanced Payments and Cash Management Services across Canada, U.S. and Mexico

HSBC’s Global Transaction Banking Services business today announced it will provide clients a centralized-secure payment service across Canada, the United States and Mexico. The payment service from one of the world’s largest financial institutions is geared toward clients that need to make payments to trading partners within North American Free Trade Agreement (NAFTA) countries. It especially benefits multinational companies in the automotive, pharmaceutical, technology, logistics, and consumer goods sectors that do business in any of these three markets.

“NAFTA has increased commerce across these important economic centers, and increased a client’s need to expedite payments, reduce payment file formatting, and save money,” said Michael Gallagher, head of global transaction banking for NAFTA countries at HSBC. “Before introducing this service, corporate treasurers were generally required to maintain multiple banking relationships. Clients now have the choice to use one bank to process payments in U.S. dollars, Canadian dollars, and Mexican pesos – reducing risk, errors and costs.”

“HSBC is proud to launch a service that will streamline the payments and cash management process for many of our clients,” said Martin Glynn, president and chief executive officer, HSBC Bank USA, N.A. “This is another example of how HSBC can use its global network to develop cross border services for its domestic and international client base.”