HSBC and Bank of Communications will jointly launch a product known as Express Remittance, offering corporate clients favourable cut-off times on their same-day US dollar remittances.

The same-day service covers telegraphic remittances in US dollars from HSBC customers in Hong Kong to selected BoCom accounts in China. Initially, corporate accounts in several Guangzhou and Ningbo branches of BoCom will be privy to the new service, but coverage will expand to around 80 branches around China by the end of the year. It is a first for HSBC which has never offered a same-day USD remittance service to mainland branches outside of its own branch network.

As part of the service, customers at BoCom’s Guangzhou and Ningbo branches will also be able to execute same-day remittances to accounts held at HSBC branches in several of Asia’s largest markets. These include Macau, Taiwan, Japan, Malaysia, Thailand, India, Indonesia, Korea and Singapore.

The launch of Express Remittance comes seven months after the two banks jointly rolled out ChinaExpress. This service is a documentary credit advising service that provides clients access to over 2,700 offices in 137 cities in China. ( FinanceAsia )