HSBC, one of the leading trade finance bank, announced a strategic partnership with fintech firm Tradeshift that will enable companies to manage their supply chains and working capital requirements digitally, from any device.
The announcement is the latest in increasingly common collaborations between traditional banks and fintech firms and will allow the customers of HSBC to automate the paper-heavy process of ordering and invoicing along supply chains, Reuters stated.
“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,” Vivek Ramachandran, Global Head of Propositions, Global Trade & Receivables Finance at HSBC, said.
The game-changing solution that is being developed by the partners will combine the benefits of electronic ordering and invoices, document matching and early payment capabilities. The innovation solution will enhance the transparency and visibility as well as will allow buyers and suppliers to collaborate in real-time. The suppliers will also benefit from best in class on-boarding and quicker invoice processing times.
“We are excited to partner with HSBC to combine our strengths and deliver value to customers by innovating ways to boost the speed and simplicity of financial services, such as supply chain financing,” Christian Lanng, CEO, and co-founder of Tradeshift, stated. “HSBC’s global scale and financial expertise will grow and accelerate the benefits gained from the digital supply chain processes enabled by our business commerce platform.”
