HSBC goes live with Demica system for trade receivables
HSBC has turned to Demica to power its new global trade receivables platform, announcing a go live this week.
The platform provides HSBC’s large corporate clients with a single portal for invoices, selling receivables, and monitoring performance.
Implementation of the solution kicked off at the start of 2020 and involved “numerous workshops”. Demica says the bank picked it due to expertise in “implementing large-scale working capital solutions”.
The two firms are to continue collaborating with the platform as it rolls out across HSBC’s global markets.
The selection is part of a wider HSBC strategy aimed at transforming the way the bank works with digital technology.
“We’re pleased to see our first country go live on the enhanced platform,” says HSBC’s global head product for global trade and receivables, Vinay Mendonca.
He adds it will deliver “an improved customer journey thanks to self-service capabilities and reporting.”
HSBC is undergoing a widespread digital transformation campaign across almost all of its operations.