HSBC launches new online application journey to improve digital receivables funding capability

HSBC reduced the approval process for new receivables financing (RF) customers from 1-2 months to less than 48 hours using a new technology platform.

With the new online application journey, co-created with Trade Ledger, HSBC customers can transfer data directly through an application programming interface (API). Customers also have the ability to upload data through a user interface.

The digital RF solution, built on the Trade Ledger platform, automatically generates an inquiry and risk report using a rules-based decision engine which is then submitted to underwriters within hours of receiving the request .

The client is kept informed of the status of their request and a final decision is usually received within two days, including an indicative offer.

Commenting on the rollout, Vinay Mendonca, Director of Growth, Global Trade and Receivables at HSBC, said: “The last three years have seen an unprecedented shift to digital; 88% of trade finance transactions now originate online! »

“Digitizing our receivables financing approval process makes it simpler, faster and safer to apply for working capital. The launch of digital RF eliminates time-consuming and laborious manual processes for our customers. Plus, they can find out if their application is likely to be successful in hours rather than months and get quick access to cash. »

Martin McCann, CEO of Trade Ledger, said: “The platform has enabled HSBC to provide customers with quick and easy access to working capital.

“Digital Receivables Finance is the result of a strong team effort to use enterprise-grade technology to improve customer convenience and close the financing gap for businesses around the world.”

The digital RF application process is now available in eight countries and territories, including the UK, Hong Kong, the US and India. The proposal will go live in three other countries by the end of the year.

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