HSBC Introduces Smart Transact To Enhance Business Payment Solutions
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HSBC has introduced Smart Transact, a platform that allows businesses to manage transactions and access services like a current account and domestic payment capabilities. The platform also provides cross-border payment capabilities and access to HSBCnet’s global banking platform.
According to a press release from the bank, the platform can be expanded to include corporate cards and savings accounts.
HSBC Expands Payment Solutions With Smart Transact
Smart Transact is available in India, the U.K., the U.S., Hong Kong, Singapore, Australia, Ireland, the Netherlands, and France. The service is set to expand to China, the UAE, and Germany by the end of the year.
Manish Kohli, head of global payment solutions at HSBC, stated that Smart Transact simplifies payment processes for businesses seeking international growth. He noted that clients can benefit from a simplified, efficient, and flexible payment service, all delivered through a single platform.
The launch follows other recent initiatives by HSBC aimed at assisting businesses. In October, the bank partnered with B2B global trade network Tradeshift to launch a joint venture called SemFi.
This venture is designed to embed HSBC’s payment, trade, and financing solutions into various eCommerce and marketplace platforms, including Tradeshift’s network.
In August, HSBC Innovation Banking UK partnered with Numeral to enable embedded payments for companies like FinTechs, InsurTechs, and marketplaces.
Through this collaboration, companies can embed HSBC Innovation Banking UK’s payment and account services using Numeral’s application programming interfaces (APIs).
Earlier, in May, HSBC Middle East teamed up with Mastercard to introduce the Mastercard Wholesale Program (MWP) in the region, focusing on the travel industry.
This partnership aims to digitize and automate buyer and supplier payments for travel merchants, enhancing liquidity and security in the travel value chain.
Neon Secures Funding To Boost Gaming Studios’ D2C Model
In 2022, Chris Faught, Chief Executive Officer of Neon, sought to create a direct-to-consumer (D2C) platform for the gaming industry. Faught, who has a background in building payment products, saw the opportunity to help game studios connect with gamers and shift power away from major gaming platforms.
Faught explained that the gaming industry is globally widespread. He believed there was a need for a D2C model where game studios could connect directly with players, avoiding platform commissions.
In November, Neon raised $14 million in funding from several investors, including Thrive, Renegade Partners, and a16z Speedrun.
Faught said that Neon helps gaming studios set up eCommerce storefronts, manage global payments, and ensure compliance with tax and other regulations. He emphasized the importance of solving the seller’s problem by helping them acquire customers.
Neon operates as a white-label platform, meaning it works behind the scenes while the gaming studio maintains its brand. Faught noted that by acting as the merchant of record, Neon helps build trust during the checkout process.
