HSBC Thailand has announced continued success in speed, cost efficiency and transparency for cross-border payments with the introduction of HSBC UniTransact.
Since its launch in 2022, HSBC Thailand has recorded 34% growth in cross-border payment turnover.
In addition, its cross-border transactions increased by 27%.
"These outstanding achievements further solidify HSBC's leading position in cross-border payments in Thailand," said Sudaphan Thaveethamsathit, head of markets and securities services at HSBC Thailand.
Supanwongse Weeraworawit, head of global payments services for HSBC Thailand, agreed.
"Digital transformation is reshaping the way we do business and shaping the payment landscape. However, the cross-border transaction journey is complex and challenging. Managing foreign currency payments across multiple platforms can be difficult with a complex regulatory process involving manual document submission and validation, and a lack of visibility on the status of a transaction," he said.
The UniTransact integrated platform has a complete range of features: uploading documents, settlement of discrepancies, exchange rates being displayed in real time, a summary of all cross-border payment transactions (inbound and outbound), a comprehensive dashboard, and alerts and notifications to keep customers updated on the status of their transactions.
"Given the complexities of international trade and cross-border transactions, HSBC Thailand introduced this one-of-a-kind digital solution to the Thai market in 2022 to simplify all cross-border transactions including payments, trade and foreign exchange services, streamlining the various processes involved for clients," said Angsuras Ruektavilchai, head of corporate sales, markets and securities services at HSBC Thailand.
As one of the world's largest banks, HSBC's networks in 62 countries and territories remain a key competitive advantage. The bank supports cross-border banking flows between major trade corridors where HSBC has a presence, including China, the US, Europe, Asean, the Middle East and Turkey.