Banking giant HSBC has presented a trade finance proposal, through which customers will have access to simplified payment transfer mechanisms to suppliers.
The new tool is called TradePay. In this case, the bank offers consumers the first solution in the industry that allows to make trade financing without the need for documentation. As part of the new offer, the lender provides customers with the opportunity to receive loans instantly. In this case, a trade loan is provided. The relevant information is contained in the press release of the financial institution, which was published last Tuesday, September 19.
Bhrigu Singh, HSBC’s Director of Global Trade and Receivables Financing, says that the bank’s new offer allows companies to improve working capital and at the same time provides an opportunity to form a strong and sustainable system of interaction with trading partners.
The press release of the financial institution also contains information that TradePay provides the business with mechanisms for full control over the maturity of trade payables. The bank claims that under the new offer, the loan processing process is carried out in less than a minute.
The lender’s press release separately states that the solution offered to consumers facilitates the procedure for obtaining credit funds. The financial institution stated that in this case, the optimization goals were achieved as a result of the introduction of an easy-to-use payment file upload mechanism and direct payment to suppliers. After the procedure is completed, notifications are automatically sent to both parties, which ensures maximum awareness.
Currently, TradePay can be used by clients of the banking giant who live in the United Arab Emirates, Singapore, and Hong Kong. Next month, the financial institution intends to launch a new solution in the UK. The bank also has plans to introduce the offer in other countries, but there is no detailed information on this yet.
The news about the debut of TradePay appeared after last month it became known about the beginning of a partnership between HSBC and the B2B trading platform Tradeshift. Within the framework of this cooperation, actions will be taken to develop solutions and apps for financial services focused on businesses and their suppliers in the global market. The partnership is part of a series of new proposals in the area of trade finance and working capital. Such decisions are of fundamental importance since their integration into existing processes entails a change in the landscape of world trade. Firms in the context of new opportunities receive additional tools and can stimulate economic growth at the global level.
This week, two other banking sector giants presented trade finance products. Citi Treasury and Trade Solutions on Monday, September 18, presented a tool for digital assets, which can expand money management capabilities. Also, in this case, consumers are provided with mechanisms for implementing processes related to trade finance.
Bank of America introduced a new platform on September 18. The solution of this banking giant will help business clients to digitize trade finance.
As we have reported earlier, HSBC Launches New Account Opening Service.