Corporates are increasingly embracing mobile banking, with more than US$100 billion in payments now authorized globally through the HSBCnet mobile corporate banking platform since its launch in 2011. The total transaction value of mobile payments has more than doubled in the last 18 months, indicating that corporate usage has moved into the mainstream.

The volume of mobile payments made by CFOs and corporate treasurers has also sharply increased. A total of 1.2 million payments have now been made since the platform’s launch. So far in 2016, more than 564,000 mobile payments were made by HSBC’s corporate customers, compared with 371,000 in 2015.

HSBC launched its Android and Apple smartphone app for corporates globally throughout 2014 and 2015. Since then, more than 76,000 corporate customers have downloaded the app and transactions authorized via the app are now nearly equal to transactions authorized via the mobile website.

Nadya Hijazi, global head of e-commerce, global liquidity and cash management at HSBC, says: “Business uptake of mobile payments is gathering significant pace, as the functionality and flexibility of this channel gains trust and acceptance in finance and treasury departments globally. The benefits that mobile payments can deliver to the corporate world, in terms of convenience, speed and enhanced visibility over the workings of a business, make it a compelling proposition.”

HSBC’s corporate mobile platform is now used by approximately 42,500 customers, who access the service from 57 countries. Currently, the UK has the highest number of registered corporate customers, followed by Mexico and then the US.

“This growth in corporate mobile banking shows just how much the digital landscape has evolved to change how we interact with our customers, while also driving faster and more efficient banking. We are committed to further developing our mobile offering for customers and ultimately to delivering secure and beneficial digital transaction services,” says Diane S Reyes, group general manager and global head of liquidity and cash management, HSBC.

HSBCnet Mobile now notifies CFOs and treasurers of payments ready for authorization and also enables them to authorize cross-border payments and book foreign exchange rates. Further enhancements will be introduced to further strengthen security and functionality of the platform, in line with customer needs.