HSBC Floats New Program

HSBC (NYSE:HSBC) today announced the launch of HSBC TradePay for Import Duties, a targeted financing solution for U.S. clients which simplifies the payment of import duties while optimizing working capital for businesses.Many corporates are currently facing changing working capital needs and increased upfront commitments. By settling payments of import duties directly and frictionlessly through HSBC TradePay, businesses can simultaneously access credit and complete payments, leading to more efficient settlement times and better visibility over cash flows.The solution is flexible and ensures import duty payments are made directly by HSBC, either through pre-agreed credit terms with brokers or direct ACH credits.Vivek Ramachandran, Head of Global Trade Solutions at HSBC said: “Clients’ working capital needs are evolving – and we’re responding swiftly with solutions that deliver the most value to them. “By settling import duties directly and frictionlessly through HSBC TradePay, our U.S. clients have more visibility and control over their working capital at the time they need it most. “As the world’s leading trade bank, we’re committed to supporting global businesses as a strategic partner and innovative problem solver, helping our clients navigate the complexities of global trade.”The HSBC TradePay platform utilizes innovative, digital solutions to help facilitate the transition away from paper-based operations, integrating financing and payments into one single journey.HSBC closed Tuesday at $56.62.