[…] HSBC TradePay for Import Duties is designed to simplify import duty payments. Bank says it will help businesses optimize working capital. World Trade Organization estimates 90% of trade relies on trade finance. HSBC TradePay has made $2.3 billion of trade finance available across the world, the bank says.. A World Bank report finds that trade credit is crucial for smaller businesses. It facilitates the exporters’ business development and sales diversification. It strengthens the balance sheet. It’s a critical force in reshaping international trade, beyond factors like tariffs and the shifting supply chains, PYMNTS says. It has been slowed by the complexities of country-by-country regulations (in the case of international trade), tracking payments and manual processes. Read full article […]