Banking giant HSBC debuted a trade finance offer to help clients pay suppliers.
The tool, dubbed TradePay, is an industry-first, document-free trade finance solution that lets clients instantly draw down trade loans, according to a Tuesday (Sept. 19) news release provided to PYMNTS.
In doing so, companies can improve “their working capital while building stronger relationships with their trading partners,” HSBC Chief Product Officer for Global Trade and Receivables Finance Bhrigu Singh said in the release.
TradePay gives businesses “complete control over the timing of their trade payables,” processing loans in under a minute, per the release.
“The solution streamlines loan drawdown with a simple payment file upload and suppliers being paid directly,” HSBC said in the release. “Once completed, notifications are automatically sent to both parties, keeping everyone informed.”
TradePay is available in Singapore, Hong Kong and the United Arab Emirates, the release said. It is set to debut in the United Kingdom next month, with other countries to follow.
The debut of TradePay follows last month’s partnership between HSBC and B2B commerce platform Tradeshift to develop embedded finance solutions and financial services apps for businesses and their suppliers in the global trade market.
The joint venture is part of a series of new trade finance and working capital solutions reshaping the world trade landscape and allowing firms to seize new opportunities and drive economic growth on a global scale.
This week has seen two other banking giants introduce trade finance products. Citi Treasury and Trade Solutions unveiled Monday (Sept. 18) a digital asset tool designed to enhance cash management and trade finance capabilities.
Using blockchain and smart contracts, Citi Token Services aims to offer institutional clients “always-on” and programmable financial services, including cross-border payments, liquidity and automated trade finance solutions.
Also Monday, Bank of America unveiled a platform to help business clients digitize trade finance. The company said its CashPro Supply Chain Solutions tool is designed to offer supply chain participants “improved process efficiency and working capital optimization.”
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