HSBC Philippines to enable corporate clients to deposit payroll in local banks

Employees will be able to choose which bank to go to receive their salaries.

HSBC Philippines is planning to launch a service that will enable its corporate clients to deposit employee salaries in local banks preferred by their staff.

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Most employers in the country require or set up a payroll account for their employees at the bank of their choosing but that will soon change.

"Employees will be able to choose which bank, not based on who they're told but which bank provides the products and services they like," said HSBC wholesale banking head Michael Brennan.

Brennan said the initiative will be made available through the electronic fund transfer (EFT) payments system launched by the central bank last year.