All big banks say they are leaders in transaction services, few really are. HSBC is always in contention for this award and takes the honours after a year full of new services and innovation.
HSBC’s global payments solutions business facilitated $1.365 trillion in payments and receivables. Again, it was the largest corporate card issuer in the region – it processed 2.7 million commercial cards – with volumes up 53% on an annualized basis.
On the trade side, it processed $71 billion worth of transactions, of which $22.8 billion involved burgeoning intra-regional trade. It processed 192,000 trade finance transactions during the course of 2022, of which 73,000 were intra-regional, up 14% year on year.
![Kyle-Boag-HSBC-2023-659.jpg](https://assets.euromoneydigital.com/dims4/default/ff705fb/2147483647/strip/true/crop/659x478+0+0/resize/800x580!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F99%2F15%2F8802742440ac81c465c0da09376b%2Fkyle-boag-hsbc-2023-659.jpg)
At the end of the year, its global payments solutions (GPS) business, which provides a full roster of services for financial and non-financial corporates in markets from Algeria to Qatar, had deposits of $21.3