HSBC migrating to Mastercard from Visa
View(s):HSBC is migrating its corporate card portfolio from Visa to MasterCard as part of a global approach to have a standardised card offer across markets.
Responding to complaints from some Sri Lankan customers, a HSBC spokesperson in Colombo said that the new MasterCard platform will provide enhanced functionality and provide more control and governance to corporates. It denied claims from customers that HSBC had formally communicated that the VISA credit cards would be cancelled from 31st May and that the bank had then unilaterally decided without any formal communication to terminate facilities from 1st May 2016, leaving corporate customers no time for smooth transition to a new facility.
The bank said it initiated the communication to all existing and active corporate clients who are eligible for a corporate credit card, of this change since late April. The transition period for the change is valid until September 2016 and corporate clients have been requested to migrate to MasterCard during this period, and the bank will assist them throughout the process. ”Therefore the bank has not enforced a deadline as stated and will ensure there is a smooth migration with least impact to our clients,” the spokesperson said.