HSBC and GT Nexus announce digital trade collaboration to manage suppliers and supply chain finance
HSBC and GT Nexus have announced a partnership that they say that will help customers dramatically improve their operational efficiency through the GT Nexus cloud-based supply chain platform.
Under the terms of the deal, HSBC customers in the US can now gain access to a digital commerce platform that helps companies manage complex supply chain processes whilst simultaneously simplifying supplier financing.
Vinay Mendonca, Global Head of Product and Propositions, Global Trade & Receivables Finance at HSBC said: “As the world’s leading trade bank, HSBC is investing in digital innovation to make global trade simpler, safer and more efficient for businesses.
“As well as using our internal capabilities, we collaborate with leading fintechs when we see opportunities to partner with them in order to extend benefits to our customers.
“We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing and logistics capabilities.
“We are already working with a US-based apparel retailer to simplify their global supply chain management process and supplier financing needs using this platform and aim to build on this success for a wider range of businesses.”
Speaking at the annual Bridges event in New York, Kurt Cavano, President of GT Nexus said: “We built GT Nexus around a simple but powerful idea: to put a single cloud-based collaboration platform at the centre of global trade.
“Our partnership with HSBC brings a new dimension to the offering by enabling our clients to request financing across the supply chain process.”
GT Nexus is a provider of cloud business applications. Thousands of companies on the GT Nexus network collectively manage more than $500bn worth of goods each year. Integrating the supply chain financing capabilities provided by HSBC will enable clients to transform the way they pay their suppliers and manage working capital.