HSBC gets swift on Tradeshift capital financing platform
The platform will let buyers automate and digitise “paper-heavy” processes from all their suppliers and organise financing in one place. This “game-changing” (sounds familiar) solution will combine electronic ordering and invoices, document matching and early payment capabilities.
Vivek Ramachandran, global head of propositions, global trade and receivables finance at HSBC, says it processes $1 million of trade a minute and hails the platform’s “ability to provide value added services to the entire supply chain”.
For its customers, adopting electronic invoicing could lead to considerable cost savings, according to HSBC. The solution will also “dramatically improve transparency and visibility and will allow buyers and suppliers to collaborate in real-time”.
HSBC and Tradeshift’s solution will be available to clients from July 2017.
HSBC says it intends to expand the range of working capital solutions available via the platform in 2018.