HSBC UK’s transaction banking business has accelerated its digital-first shift during the review period, rolling out products that compress onboarding times, modernise trade finance and simplify cross-border payments.
Arguably the centrepiece of the bank’s innovation drive was Smart Transact, its first globally consistent digital onboarding proposition for payments and account opening. Piloted with business banking clients and extended to large corporates in 2024, Smart Transact collapses multiple manual journeys into a single digital process, cutting average onboarding from 21 to 10 days, whilst giving businesses immediate access to current accounts, domestic and cross-border rails within a configurable platform.
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