Digital application process reduces approval time from months to days
LONDON, Oct. 19, 2022 /PRNewswire/ -- HSBC has reduced the approval process for new Receivables Finance (RF) clients from one to two months to less than 48 hours, using a new technology platform.
Through the new online application path, co-created with Trade Ledger, with just a few clicks HSBC clients can now transfer data directly via an API from their accounting software package. They also have the option of uploading their data through a user interface.
The Digital RF solution, which is based on the Trade Ledger platform, automatically generates a survey and risk report through a rules-based decision engine that is sent to subscribers within hours of receiving the request. The client is kept informed of the status of his request and usually receives a final decision within two days, including an indicative offer.
Vinay Mendonca, Head of Growth, Global Trade and Debt at HSBC, commented on the implementation: "The last three years have seen an unprecedented shift to digital: 88% of trade finance transactions now originate online. ".
"Digitizing our accounts receivable financing approval process makes it easier, faster and more secure to apply for working capital. The launch of digital RF eliminates time-consuming and labor-intensive manual processes for our clients. In addition, they can find out if their application has a chance of being approved in a matter of hours, instead of months, and get quick access to liquidity."
Martin McCann, CEO of Trade Ledger, explained: "Our partnership with the world's largest commercial bank has been very productive. The platform has enabled HSBC to offer its clients quick and easy access to working capital. Digital Receivables Finance is the the result of a significant team effort to use enterprise-grade technology to drive customer convenience and address the financing gap for businesses around the world."
The digital RF application process is now available in eight countries and territories, including the United Kingdom, Hong Kong, the United States and India. The proposal will be launched in three other countries at the end of the year.
Trade Ledger Press Office:Wendy Harrison wendy@harrisonsadler.com07850 372469
About Trade Ledger
Trade Ledger was founded in 2016 to help the financial services industry reimagine complex business financing for SMEs and mid-market companies in the digital economy.
The Lending Platform as a Service (LaaS) supports all working capital lending products, transforming supply chain data sources into actionable insights and tasks. This enables the right loan products to be created and offered at the right time, through the right channel, quickly and with low risk. Its clients increase their profitability, achieving an average of 60% reduction in origination costs, 50% reduction in abandonment and a potential 10x loan portfolio growth thanks to integrated financing.
Backed by venture capital investors Point72 Ventures, Foundation Capital and Hambro Perks, and other notable investors such as Court Lorenzini (founder of DocuSign), Trade Ledger is expanding globally to accommodate a growing customer base. rapid growth of global commercial banks, regional and national banks, and alternative finance providers. To date, it has raised £16.6m.
Trade Ledger has been awarded LendTech Initiative of the Year 2020, Lending Platform of the Year 2019 and Startup of the Year 2019.
If you want to know more about Trade Ledger, visit www.tradeledger.io
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves clients around the world from offices in 63 countries and territories in: Europe, Asia, North America, Latin America, and the Middle East and North Africa. With assets of $2,985 billion as of June 30, 2022, HSBC is one of the largest banking and financial services organizations in the world.
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