HSBC aims to digitise the corporate supply chain
(30 March 2017 – Europe) HSBC is partnering with a Danish firm to bring streamlined digital finance and working capital to corporate supply chains.
The bank and TradeShift are working together to create a platform that will allow buyers to automate and digitise paper-heavy supply chain processes from all their suppliers and organise supply chain financing all in one place.
According to a statement, the service will offer electronic ordering and invoices, document matching and early payment capabilities accessible from any device.
Launched in 2010, TradeShift has over 1.5 million companies connected to its service and processes US$500 billion in transactions each year.
Vivek Ramachandran, global head of propositions, global trade & receivables finance at HSBC said: “We support customers right through the trade cycle and globally process US$1 million of trade a minute. The ability to provide value added services to the entire supply chain, combined with our capacity to provide finance across the breadth and depth of HSBC’s global network, create a unique proposition. The collaboration will also enable our customers to provide competitively priced funding to their eligible suppliers.”
The platform will be made available to clients from July.
HSBC intends to expand the range of working capital solutions available via the platform in 2018,” Ramachandran adds.
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