Sibos 2023: HSBC launches new virtual card and digital trade finance solution
HSBC has partnered up with Oracle and Mastercard to launch a new virtual card to enable its customers to make supplier payments.
The announcements were made at the annual Sibos conference, currently underway at the Metro Toronto Convention Centre in Canada this week.
Sitting within the Oracle Fusion Cloud enterprise resource planning, the new HSBC virtual card will connect to Mastercard’s global virtual card platform to streamline and automate the B2B payment process without leaving the platform.
The bank claims the new solution will help its customers manage cash flow, improve fraud protection, and potentially generate financial rebates, as well as help suppliers with faster payments, lower collection risk, and streamline accounts receivables.
Claiming to be the first bank to implement the integrated solution, HSBC plans to offer the virtual cards to HSBC and Oracle customers in the US and UK, followed by a global rollout.
“B2C transactions have been getting faster and easier for years, but B2B transactions remain incredibly complex and inefficient,” comments Rondy Ng, executive vice president of applications development, Oracle.
“Our partnerships with HSBC and Mastercard are addressing these challenges and revolutionising how organisations transact. With this innovation, we’re helping organisations manage cash, access credit, secure financing, and make better decisions, all within Oracle Cloud ERP.”
HSBC launches TradePay solution
The UK banking giant has also announced the launch of HSBC TradePay, a document-free digital trade finance solution enabling clients to “instantly” drawdown trade loans and pay suppliers.
HSBC says the new solution enables businesses to have “complete control” over the timing of their trade payables, claiming loan processing speeds of “under a minute”. It enables loan drawdowns with a payment file upload, with suppliers being paid directly, followed by notifications to keep all parties updated.
The solution is currently available in Hong Kong, Singapore, and the UAE, with a UK rollout planned in October, India and Australia from November, and in additional countries in 2024.