HSBC has launched a digital trade trading portal to help financial institution (FI) customers view the status of their guaranteed trades and simplify the trade fulfillment process.
A network called the “FI Digital Network” will help HSBC customers view the status of their warranty transactions in real time, receive status updates and download reports.
Following the successful pilot, HSBC is enhancing the capabilities of its FI digital network and expanding its offering beyond assurance to accommodate the range of trading instruments used by FI’s customers.
Vinay Mendonka, HSBC’s Chief Growth Officer, Global Trade and Fixed Income Finance, told TFG:
“We are very excited to launch this platform, which will allow FI clients to see their warranties in a single dashboard and monitor them in real-time.”
The current guarantee landscape remains fragmented, with many points of contact, especially between respondents and their correspondent banking relationships.
HSBC’s FI Digital Network also offers this functionality through an API, adding flexibility to FI customers.
A guarantee is a promise by a bank to guarantee payment to a beneficiary if the applicant fails to meet its basic contractual obligations.
HSBC is one of the world’s largest issuers of bank guarantees, providing expertise and advice in local jurisdictions through its global network.
