HSBC, the world’s leading trade bank, has introduced a Matched electronic Purchase Order (Me-PO) financing solution to dramatically improve the release of working capital.
The Me-PO solution, developed by Bolero, will reduce the cost of invoice and purchase order processing between HSBC business customers and their suppliers, who will benefit from being able to make earlier requests for finance. Both parties will appreciate having a new level of visibility, being able to track and monitor their Purchase Orders and invoices in real time.
Purchase Orders and invoices can be automatically validated, processed, matched and approved. This facilitates a rapid approvals process and enables sellers to submit funding requests more quickly than with a paper-based process.
Vinay Mendonca, Global Head of Product and Propositions, Global Trade and Receivables Finance at HSBC said: “This deployment offers huge advantages for our customers by speeding up the working capital cycle and making their processes more efficient.
“As a leading trade bank, we are committed to the highest levels of service, so it’s important that we’re at the forefront of innovation in trade finance. One of our clients, a major US retailer, has recently implemented the Me-PO platform and a number of others will be introducing the platform in the near future.”
Ian Kerr, CEO at Bolero said: “HSBC’s Me-PO service introduces significant benefits to the global supply chain, removes the pain associated with time consuming, manual, paper-based processing. Buyers and sellers alike will benefit from faster transactions and payments, and sellers will be able to securely apply for financing much more quickly.”
“This collaboration builds on Bolero’s long-established relationship with HSBC, which extends round the world, and our reputation for providing customers with the best in trade finance technology.”
Contributed | what does this mean?