Monday, 28 March 2016, Global Connections

HSBC recognised as leading international payments house in Australia

How our Payments and Cash Management (PCM) business continues to capture market and mind share in Australia.

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The latest findings released this week from Australian market research house, East & Partners, found that HSBC reigns as the top international payments bank in Australia.

HSBC has grown primary market share to 7.8 per cent (up from 7.5 per cent in 2014), gaining further ground on the domestic banks. For the third year in a row, the bank remained the number one Full Service International Transaction Banking provider in the Australian market with 24 per cent international mindshare and 72 per cent international wallet share (up from 23% and 70% in 2014 respectively).

Simon Babbage, Head of Payments and Cash Management in Australia credits the increase in market and mind share to “the globalisation of Australian corporate and institutional clients which has created demand for HSBC’s international network and payments platform.”

“Pleasingly, we have also made great strides in improving our customer service and this is evidenced by the fact that we now rank first in both overall service satisfaction and account management.”

“It's clear from the research that our clients – big and small – value our PCM services. Across the board, we saw a tick-up in our clients’ views about the quality of our products, knowledge and service,” he said.

Babbage also believes the upward trajectory will continue to grow in 2016 and beyond as “payments infrastructure, cash management and working capital are critical to a businesses’ growth aspirations. In an increasingly competitive global marketplace with pressure on margins, PCM services will play a more prominent role in supporting companies as they look to manage their cash more efficiently.”

Babbage said that HSBC is “positioning itself to capture more market share in Australia.” Last year, the bank announced it became a Tier 1 payments clearer, signalling further commitment and investment in the Australian business. Tier 1 clearing is a critical step in the preparation for real-time clearing as part of the New Australian Payments Platform of 2017.

Issued by HSBC Bank Australia Limited ABN 48 006 434 162 AFSL 232595. This information does not take into account your objectives, financial situation or needs. The information in this document has not been independently verified by HSBC. No reliance should be placed on, any projections, estimates, forecasts or targets contained herein. East and Partners is an independent Australian Research Company. HSBC is a subscriber of East and Partner's publications and research.

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