MMA loans

HSBC launches Digital Receivables Finance capability

Digital application process reduces approval times from months to days

LONDON, October 19, 2022 /PRNewswire/ — HSBC has reduced the approval process for new Receivables Finance (RF) customers from one to two months to less than 48 hours, using a new technology platform.

Thanks to the new online application path, co-created with Trade Ledger, HSBC customers can now transfer data directly via an API from their accounting software in just a few clicks. They also have the option of uploading their 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.

Deployment Comment Vinay MendoncaChief Growth Officer, Global Trade and Receivables at HSBC, said: “The last three years have seen an unprecedented transition to digital; 88% of trade finance transactions are now done online! »

“Digitizing our receivables financing approval process simplifies, speeds and secures working capital requests. The launch of Digital RF eliminates time-consuming and laborious manual processes for our clients. is likely to succeed in hours rather than months and have quick access to cash.”

Martin McCannCEO of Trade Ledger, said, “Our partnership with the world’s largest commercial bank has been very productive. The platform has enabled HSBC to offer its customers quick and easy access to working capital. Digital Receivables Finance is the result of strong teamwork. 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, UNITED STATES and India. The proposal will go live in three other countries by the end of the year.

Commercial Ledger Press Office:
Wendy Harrison
[email protected]
07850 372469

About the Commercial Ledger

Trade Ledger was founded in 2016 to help the financial services industry reinvent complex corporate finance for SMEs and midsize businesses in the digital economy.

The Lending-as-a-Service (LaaS) platform supports all working capital lending products, transforming supply chain data sources into actionable insights and tasks. This makes it possible to create and offer the right loan products at the right time, on the right channel, quickly and at low risk. Its clients increase their profitability, realizing on average a 60% reduction in origination costs, a 50% reduction in defaults and a potential for loan portfolio growth multiplied by 10 thanks to integrated financing.

Backed by venture capitalists Point72 Ventures, Foundation Capital and Hambro Perks, and other notable investors such as Court Lorenzini (founder of DocuSign), Trade Ledger is currently scaling globally to accommodate a rapidly growing customer base of commercial banks. global, regional and national banks. , and alternative financing providers. To date, he has raised £16.6m.

Trade Ledger was awarded LendTech Initiative of the Year 2020, Lending Platform of the Year 2019 and Startup of the Year 2019.

To learn more about Trade Ledger, seewww.tradeledger.io

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories at: Europe, Asia, North America, Latin Americaand Middle East and North Africa. With assets of $2.985 billion at June 30, 2022HSBC is one of the largest banking and financial services organizations in the world.

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SOURCE Trade Ledger Limited