Visa integrates Currencycloud’s multicurrency capabilities to HSBC’s Zing app

credit: Shutterstock
credit: Shutterstock

HSBC has confirmed that its international payments app Zing has received an upgrade thanks to a technological collaboration with Visa and its subsidiary Currencycloud

Zing will now be able to offer its customers a multicurrency digital wallet bolstered by Currencycloud’s technology, enabling multiple methods to top-up funds via the ‘quick bank transfer’ option. 

This method utilises Tink’s – another Visa subsidiary – Open Banking technology, whilst Visa will lend HSBC its technology to offer a range of digital services that offer low-cost and transparent currency exchanges for international Zing users. 

Visa enables Zing customers to perform other services too, such as financial management, real-time exchange rates and person-to-person transactions, which are all linked to a Visa card.  

James Allan, CEO and Founder of Zing, said: “Zing shows how outdated the ‘legacy financial services versus fintechs’ narrative really is. The reality is that you don’t have to choose; Zing is as intuitive, quick, and transparent as anything to come out of the fintech boom – but with the benefits of 150 years of international finance experience as part of the HSBC Group.”

“We shared a clear vision with our partners at Visa – that people all across the globe want easy to use, secure, and trustworthy financial products that enable them to live their best international lives. Zing delivers on that promise, and we look forward to building on this partnership in the future.”

Zing holds funds in over 10 different currencies, sends in over 30 currencies, and transacts from over 200 countries in its mission to make cross-border and international payments as seamless as possible. 

The HSBC app launched in the UK in January and the banking giant confirmed plans to expand into additional markets in the near future. 

Through the collaboration with Currencycloud and Tink, Zing is able to make speed-to-market transactions by providing ready-made solutions added to its core app infrastructure. 

Serge Elkiner, Global Head of Product, Money Movement Solutions at Visa, added: “In today’s connected world, consumers should be able to move money as simply and routinely as sending a text message. 

“Yet, in many cases, consumers still rely on manual, paper-based processes, high fees and cash to send and receive money across borders.

“Our partners and customers, and more importantly, their customers, want simplicity. By combining the benefits of Tink and Currencycloud with the wider Visa solutions and brand, we have delivered a great solution in double-quick time.”