Using a new technological platform, HSBC has reduced the approval time for new Receivables Finance (RF) customers from one to two months to under 48 hours.

Customers of HSBC may now upload data directly through an API from their accounting software package with only a few clicks thanks to a new online application experience that was co-created with Trade Ledger. Additionally, they have the choice of uploading their data via a user interface.
Within hours of receiving an application, the Trade Ledger-based Digital RF system instantly creates a survey and risk report using a rule-based decisioning engine and submits it to the underwriters. The client is informed of the application’s progress, and a final decision with an indicative offer is normally delivered to them in two days.
“The last three years have seen an incredible transition to digital – 88% of trade financing transactions are now started online,” stated Vinay Mendonca, Chief Growth Officer, Global Trade and Receivables at HSBC, in response to the roll-out.
Applying for working capital has been easier, quicker, and more secure thanks to the digitization of our receivables finance approval procedure. For our customers, the introduction of Digital RF means the end of labor- and time-intensive manual operations. Additionally, they can obtain quick access to liquidity and determine whether their application is likely to be approved within hours as opposed to months.

Source: Prnewswire