22 January 2018
visit http://response.ncr.com

HSBC reports 500% rise in online business transactions

04 July 2005  |  6243 views  |  0 HSBC Sign

HSBC is reporting a dramatic surge in the use of Web banking services by its UK business customers, with online transactions rising 500% to 10.6 million over the past year.

HSBC says UK businesses are cashing in on the time savings and efficiency of broadband technology to use online services, which is turning the Web from a niche service into a standard banking platform.

Citing research from the Small Business Research Trust, HSBC says almost two-thirds of Internet-connected firms now have a broadband connection.

The value of payments made by HSBC's 270,000 Internet registered UK small business clients grew by 290% to nearly £10 billion from 2003 to 2004. The bank is currently processing more than one million Internet payments a month through its online service.

Simon Wainwright, head of business banking at HSBC Bank, says: "UK businesses increasingly find online banking a fast and convenient way to carry out transactions and keep track of their finances, freeing up time to spend running the company. Last year, we processed over 10 million online payments for our business customers, three times the number in 2003."

Wainwright adds: "Businesses are waking up to the power of the net and seizing the opportunity to free up time and run their business on their terms. We're giving firms the tools to keep a tighter grip on their finances and to bank at their convenience."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK businesses warned over sustained hack attacks

UK businesses warned over sustained hack attacks

16 June 2005  |  5292 views  |  0 comments
Small businesses lagging in switch to Bacstel-IP

Small businesses lagging in switch to Bacstel-IP

04 May 2005  |  5680 views  |  0 comments
UK small businesses turn to the Web for banking

UK small businesses turn to the Web for banking

11 August 2004  |  4274 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
13240 views comments | 33 tweets | 38 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
8446 views comments | 12 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
8357 views comments | 14 tweets | 14 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
7346 views 1 | 7 tweets | 2 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job