Customers will be able to manage procurement, accounts payable, supply chain finance and settlement all on one platform.
On 30 March 2017, HSBC, the world’s leading trade finance bank, and Tradeshift, the world’s largest business commerce platform, announced a strategic partnership that will enable companies to manage their global supply chains and working capital requirements from one simple online platform, from any device.
HSBC and Tradeshift are developing an integrated proposition 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. This game-changing solution will combine the benefits of electronic ordering and invoices, document matching and early payment capabilities.
Vivek Ramachandran, Global Head of Propositions, Global Trade & Receivables Finance at HSBC, commented:
“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.”
For customers, adopting electronic invoicing could lead to considerable cost savings. The innovative 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.
HSBC and Tradeshift’s integrated solution will be available to clients from July 2017. HSBC intends to expand the range of working capital solutions available via the platform in 2018.
Read the press release, via HSBC’s website, here.