major bank HSBC It debuted a trade finance service that helps customers pay suppliers.
The tool, called TradePay, is the industry’s first document-free trade finance solution that allows clients to withdraw trade loans instantly, according to a Tuesday (Sept. 19) news release provided to PYMNTS.
By doing so, companies can “improve working capital while building stronger relationships with trading partners,” says HSBC’s chief product officer for global trade and debt finance. bhrigu singh said in a release.
According to the release, TradePay gives businesses “full control over the timing of their accounts payable,” allowing them to process loans in less than a minute.
“This solution streamlines loan withdrawals with easy payment file uploads and direct payments to suppliers,” HSBC said in a release. “Once completed, notifications are automatically sent to both parties to keep everyone informed.”
According to the release, TradePay is available in Singapore, Hong Kong, and the United Arab Emirates. It is set to debut in the UK next month, with other countries to follow.
TradePay’s debut follows last month’s partnership between HSBC and the B2B commerce platform trade shift We develop embedded financial solutions and financial services apps for businesses and their suppliers in the global trade market.
The joint venture is part of a suite of new trade finance and working capital solutions that are reshaping the global trade landscape and enabling companies to seize new opportunities and drive economic growth worldwide.
Two other major banks introduced trade finance products this week. City Treasury and Trade Solutions on Monday (September 18) announced digital asset tools designed to enhance cash management and trade finance capabilities.
Citi Token Services uses blockchain and smart contracts to provide institutional clients with “always-on” programmable financial services, including cross-border payments, liquidity, and automated trade finance solutions. That’s what I’m aiming for.
Monday too american bank Announced a platform to help corporate customers digitalize their trade finance. The company said the CashPro supply chain solution tool is designed to provide supply chain participants with “improved process efficiency and optimization of working capital.”
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