HSBC, Tradeshift join forces on working capital financing
The trade finance bank is partnering with the business commerce platform on digitising processes from procurement to supply chain finance and settlement.
The trade finance bank is partnering with the business commerce platform on digitising processes from procurement to supply chain finance and settlement.
HSBC is forming a strategic partnership with Tradeshift, the world’s largest business commerce platform that will enable companies to manage their global supply chains and working capital requirements from one simple online platform, from any device.
The two are developing an integrated solution, available to clients from July 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 and combine the benefits of electronic ordering and invoices, document matching and early payment capabilities.
HSBC added that adopting electronic invoicing could lead to considerable cost savings for customers. The solution will dramatically improve transparency and visibility and will allow buyers and suppliers to collaborate in real-time. Suppliers will also benefit from best in class on-boarding and quicker invoice processing times. The bank plans to expand the range of working capital solutions available via the platform in 2018.
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