GT Nexus’ supply chain management platform provides companies with end-to-end connectivity, visibility and collaboration with suppliers, customers and other supply chain partners, helping them to optimise the flow of goods, funds and information from order to final payment, claims the company.
With the new collaboration, financing capabilities will be integrated to the platform for the bank’s US clients, easing the access to funds along the line and helping companies to free up working capital.
The bank is already working with a number of different platforms such as PrimeRevenue and Kyriba.
Earlier in 2017, the bank also announced it had joined forces with Tradeshift, a San Francisco-based business networking company, whose platform connects more than 1.5 million companies globally.
The partnership with GT Nexus is a step the bank has taken to meet demand from some of its US customers, who were already using the platform.
The bank has over the past couple of months been piloting the GT Nexus platform with one client in the US, an apparel retailer. The offering will initially be made live for the banks customers based in the US, but could be expanded geographically in the future.
While supply chain finance is an area HSBC sees a big potential for growth, the bank is also looking to offer pre-shipment finance through the platform, at a later stage. Another capability it is investigating is how to leverage the data of the platform to the benefit of its clients.
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