HSBC has launched a digital trade transactions portal that helps its Financial Institution (FI) customers view the status of guarantee transactions, simplifying the transaction fulfilment process. The network, called the… read more →
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By Deepesh Patel
HSBC has launched a digital trade transactions portal that helps its Financial Institution (FI) customers view the status of guarantee transactions, simplifying the transaction fulfilment process.
The network, called the ‘FI Digital Network’ will help HSBC customers view the status of their Guarantee transactions in real time, receive status updates and download reports.
Following a successful pilot, HSBC is enhancing the functionality of the FI Digital Network and expanding the offering beyond Guarantees to cater for the full suite of trade products that FI customers use.
Speaking to TFG, Vinay Mendonca, Chief Growth Officer Global Trade and Receivables Finance at HSBC said, “What was always lacking in this space was the ability for banks to automatically check where guarantees are and where this information is stored.
“We’re really excited to launch this platform, which enables our FI clients to view their guarantees on a single dashboard, monitoring in real-time.”
The current guarantees landscape remains fragmented, with numerous touch points, particularly for respondent-correspondent banking relationships.
HSBC’s FI Digital Network also offers this functionality through an API which adds additional flexibility to FI customers.
A Guarantee is an undertaking issued by a bank assuring payment to the beneficiary in the event that the applicant doesn’t complete its underlying contractual obligation.
HSBC’s is one of the largest issuers of bank guarantees worldwide, providing expertise and advisory in local jurisdictions through their global network.
Deepesh Patel is Editorial Director at Trade Finance Global (TFG). In this role, Deepesh leads efforts in developing TFG’s brand, relationships and strategic direction in key markets, including the UK, US, Singapore, Dubai and Hong Kong.
Deepesh regularly chairs and speaks at international industry events with the WTO, BCR, Excred, TXF, The Economist and Reuters, as well as industry associations including ICC, FCI, ITFA, ICISA and BAFT.
Deepesh is the host of the ‘Trade Finance Talks’ podcast and ‘Trade Finance Talks TV’. He is co-author of ‘Blockchain for Trade: A Reality Check’ with the ICC and the WTO, alongside other industry research.
In addition to his work at TFG, Deepesh is a Strategic Advisor for WOA, and works closely with ITFA. He also sits on the Fintech Working Group of the Standardised Trust.
Prior to TFG, Deepesh worked at Travelex where he was responsible for the cards business and the Travelex Money app in Europe, NAM, UK and Brazil. Deepesh is Chair of Governors and co-opted LA Governor of the Wyvern Federation, which has responsibility for 5 primary schools in South London.
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