HSBC today announced the launch of HSBC TradePay, an industry first, document free trade finance solution that enables clients to instantly drawdown 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 TradePay, businesses can have complete control over the timing of their trade payables. With loan processing speed of under a minute, HSBC TradePay makes Just-In-Time financing a reality. The solution streamlines loan drawdown with a simple payment file upload and suppliers being paid directly. Once completed, notifications are automatically sent to both parties, keeping 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 drawdown trade loans and pay suppliers, improving their working capital while building stronger relationships with their trading partners.”
HSBC TradePay is now 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.