HSBC, Trade Ledger Launch Digital Receivables Finance Tool

The London-based Lending-as-a-Service FinTech Trade Ledger  Thursday (Oct. 11) announced the launch of HSBC’s new digital finance receivables solution, built with the Trade Ledger platform.

In a press release, Trade Ledger said that the technology would allow HSBC to cut the average amount of time it takes to approve new Receivables Finance (RF) customers from over a month to under 48 hours.

Using the new online application, HSBC customers can now transfer data automatically through an application programming interface (API) from their accounting software package or manually through the user interface.

The Digital RF solution automatically generates a survey and risk report using a rule-based decision engine which is then submitted to the underwriters within hours of the application being received, the release states.

As well as helping to streamline the decision-making process, the new solution makes it easy for clients to track the status of their applications.

Commenting on the roll-out Vinay Mendonca, Chief Growth Officer, Global Trade and Receivables at HSBC said: “Digitizing our Receivables Finance approval process makes it simpler, faster, and more secure to apply for working capital.

“The launch of Digital RF eliminates time-consuming and labor-intensive manual processes for our customers. What’s more, they can find out whether their application is likely to be successful within hours rather than months and get quick access to liquidity.”

The latest announcement comes off the back of wider digitization within HSBC’s Trade Finance business. Last week, the bank launched HSBC Trade Solutions (HTS), its new digital tech stack that it says will “form the backbone of HSBC’s market-leading trade offering.”

Read more: HSBC Launches Digital Platform for Trade Finance

While HTS has only been launched in the U.K. and Hong Kong so far, digital RF applications are now available in eight countries and territories including the U.K., Hong Kong, the U.S. and India. Trade Ledger stated that the proposition would go live in a further three countries by the end of the year.

Commenting on the launch, Martin McCann, CEO of Trade Ledger said: “Our partnership with the world’s largest commercial bank has been highly productive. The platform has enabled HSBC to offer its customers fast, easy access to working capital.

Digital Receivables Finance is the result of a significant team effort to utilize enterprise-grade technology in order to drive customer convenience and tackle the funding gap for businesses across the world.”

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