HSBC is partnering with Danish business commerce platform TradeShift to bring streamlined digital finance and working capital to corporate supply chains.
The two firms 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. The service will offer electronic ordering and invoices, document matching and early payment capabilities accessible from any device.
Launched in 2010, TradeShift already has over 1.5 million companies connected to its service and processes $500 billion in transactions each year. The company has previously banked investments from both HSBC and Santander.
Vivek Ramachandran, global head of propositions, global trade & receivables finance at HSBC says: “We support customers right through the trade cycle and globally process USD 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 2017, he says.
“HSBC intends to expand the range of working capital solutions available via the platform in 2018,” Ramachandran adds.