HSBC announced the launch of ‘HSBC TradePay’, a finance solution that enables clients to instantly draw down trade loans and pay suppliers.
HSBC TradePay is a “faster, simpler, 100%” digital way for companies to seamlessly pay suppliers and improve their working capital position.
By using HSBC’s latest launch, businesses can have control over the timing of their trade payables with a loan processing speed of under a minute, aiming to make ‘Just-In-Time’ financing a viable reality.
Furthermore, the solution streamlines loan drawdown with a payment file upload and suppliers being paid directly. Once completed, notifications are automatically sent to both parties to help keep everyone informed.
Bhrigu Singh, Chief Product Officer, Global Trade and Receivables Finance at HSBC, said: “Our global trade solutions are designed to help our clients trade with confidence and unlock working capital.
“In line with this approach, HSBC TradePay is an innovative digital solution that enables companies to seamlessly draw down trade loans and pay suppliers, improving their working capital while building stronger relationships with their trading partners.”
HSBC TradePay is already available in Hong Kong, Singapore, and the UAE. The solution will be available in the UK from October, in India and Australia from November, and in additional countries in 2024.
