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Developing HSBC's Zing app: The role played by Visa, Currencycloud and Tink

Developing HSBC's Zing app: The role played by Visa, Currencycloud and Tink

Visa has revealed its role in the development of HSBC's money transfer app Zing, with subsidiaries Tink and Currencycloud providing key building blocks.

Launched in the UK in January as a direct competitor to money transfer fintech Wise, Zing enables users to hold funds in over 10 different currencies, send over 30 currencies, transact in over 200 countries and territories worldwide, all managed through a single app and smart multi-currency card.

“Zing shows how outdated the ‘legacy financial services versus fintechs’ narrative really is.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,” saysJames Allan, CEO and founder at Zing. “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.”

Thanks to the cooperation with Visa, Zing was able to have a single point of contact for the entire project that delivered a multi-currency wallet courtesy of Currencycloud technology, and multiple methods to top-up an account including ‘quick bank transfer’, thanks to open banking technology delivered by Tink.

In addition, Zing offers internationally minded consumers in the UK a range of digital services including low-cost and transparent currency exchange, financial management, instant collections, real-time exchange rates, and person-to-person (P2P) payments, all linked to a Visa card.

Serge Elkiner, global head of product, money movement solutions at Visa says Currencycloud and Tink enabled speed-to-market for the Zing team by providing ready-made solutions to be added to Zing’s core infrastructure, saving on development time and the costs associated with building and maintaining their own product.

“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,” he says. “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.”

As part of the ongoing partnership, Visa has inked a new global agreement with HSBC for the roll out of new features, currencies and to more international markets.

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