15 December 2017
visit www.avoka.com

HSBC introduces matched electronic purchase order financing

17 October 2017  |  5165 views  |  0 Source: HSBC

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.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.response.ncr.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10197 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9348 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8944 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7592 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7222 views comments | 15 tweets | 24 linkedin

Featured job

Find your next job