HSBC has launched HSBC Trade Solutions (HTS) for customers in its two largest markets, the UK and Hong Kong, to simplify and speed up trade.
Developed in partnership with IT consultancy CGI, the new platform allows clients to manage all of their trade finance products online, according to a press release on Thursday (Oct 6).
Designed to digitize HSBC’s trade finance offerings using an API-native modular technology stack, going forward, “HTS will form the backbone of HSBC’s market-leading trade offering, supporting $800 billion of global trade per year,” the bank said.
The new platform will allow the bank to adopt future changes more quickly and efficiently, according to the statement.
In the future, the bank intends to implement HTS in additional markets in which it operates.
“HSBC Trade Solutions has been co-created by working closely with our clients and offers a major step forward in terms of customer experience,” said HSBC Global Head of Trade Finance Products and Proposals Vinay Mendonca in the statement. of press.
“Its flexibility will drive solutions to fit our customers’ rapidly evolving ecosystems. Using such digital solutions, 88% of our business transactions are now digitally initiated through a variety of channels,” added Mendonca.
“This major solution launch is an exciting time for the market and continues the strong working relationship between CGI and HSBC,” David York, CGI UK Vice President Banking and Financial Markets, said in the statement. “We look forward to working closely together to drive positive change in a number of critical areas.”
Trade finance has become a major frontier in the digital transformation of core banking systems in recent times. Last month, JPMorgan announced a partnership with technology company Cleareye.ai, which sees the bank integrate Cleareye.ai’s ClearTrade platform into its Asia-Pacific trade finance transactions. The ClearTrade integration is expected to launch globally in the coming quarters.
Watch: Cleareye.ai partners with JPMorgan to solve trade finance challenges
For all PYMNTS EMEA coverage, subscribe to the journal EMEA Newsletter.
We are always looking for opportunities to partner with innovators and disruptors.