Financial institutions like HSBC are going head-to-head with tech-driven counterparts, such as TransferWise, in the realm of payment services. Banks are stepping up their game against fintech players.

The digital offerings of established banks, such as HSBC's Global Money Account and Santander's PagoFX, are specifically designed to cater to consumers with remittance or cross-border payment needs. These mobile-based services, with a lightweight, mobile-first approach, aim to pair the innovation of fintechs with the security and trust of established financial institutions.

Cross-border payments remain a key product feature for these digital offerings. HSBC's Global Money Account and Santander's PagoFX, for instance, are designed for real-time, fee-free cross-border payments. Similarly, Canada's Simplii Financial and India-based digibank offer zero-fee remittances as part of their current account features.

JPMorgan Chase's hybrid digital bank Finn and NatWest's digital bank Bó, however, have not had the same success. Finn closed in 2019, just a year after launching, while Bó lasted only six months before the bank decided to focus on its SME-targeted digital bank Mettle instead. These failures demonstrate challenges in the digital banking market for established banks.

Mettle, unlike HSBC's Global Money Account and Santander's PagoFX, is a digital bank targeted towards Small and Medium Enterprises (SMEs), as opposed to consumers with remittance or cross-border payment needs.

Wells Fargo's ExpressSend is another digital offering targeted towards consumers with remittance or cross-border payment needs. HSBC's Global Money Account is designed to rival TransferWise's Borderless Account. Santander's app-based PagoFX has expanded its service to the India corridor.

These digital offerings often have innovative features, lower overheads, and are targeted towards younger consumers, particularly millennials. Hello Bank offers free worldwide payments to its French customers, positioning itself as a competitive player in the digital banking market.

It's worth noting that the search results do not provide information about the name of the person who developed the HSBC Global Money Account. Regardless, the trend of established banks launching digital offerings to compete with fintechs in cross-border payments is a clear indication of the evolving landscape in the financial industry.

Financial institutions like HSBC are going head-to-head with tech-driven counterparts, such as TransferWise, in the realm of payment services. Banks are stepping up their game against fintech players.