HSBC launches virtual EUR and GBP accounts for overseas merchants

HSBC has launched a new cross-border virtual account proposition for banks worldwide, enabling their merchant business customers trading on e-commerce sites to receive EUR and GBP payments via their local bank account. Prior to HSBC’s introduction of this virtual account, businesses in certain jurisdictions were only able to access EUR and GBP funds using cross-border payments at greater cost to e-marketplace platforms and merchants, due to additional fees and FX rates.