HSBC in cloud-based supply chain finance deal
Written by Anthony Strzalek
HSBC has partnered with GT Nexus, a cloud supply chain platform, in a move designed to help the bank’s customers improve their operational efficiency.
The tie-up will enable HSBC’s US customers to manage their suppliers and supply chain finance programmes. They can now gain access to a digital commerce platform that helps companies manage complex supply chain processes whilst simultaneously simplifying supplier financing.
Vinay Mendonca, global head of product and propositions, global trade and receivables finance at HSBC, said: “As the world’s leading trade bank, HSBC is investing in digital innovation to make global trade simpler, safer and more efficient for businesses. As well as using our internal capabilities, we collaborate with leading FinTechs when we see opportunities to partner with them in order to extend benefits to our customers.
“We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing and logistics capabilities. We are already working with a US-based apparel retailer to simplify their global supply chain management process and supplier financing needs using this platform and aim to build on this success for a wider range of businesses.”
Kurt Cavano, president of GT Nexus, said: “We built GT Nexus around a simple but powerful idea: to put a single cloud-based collaboration platform at the centre of global trade. Our partnership with HSBC brings a new dimension to the offering by enabling our clients to request financing across the supply chain process.”