Global bank HSBC has unveiled two trade finance products aimed at speeding up the digitisation of trade.

HSBC TradePay allows clients to draw down trade loans and pay suppliers document-free, with a loan processing speed of under a minute, the lender says.

“The solution streamlines loan drawdown with a simple payment file upload and suppliers being paid directly. Once completed, notifications are automatically sent to both parties, keeping everyone informed,” HSBC says.

Currently available in Hong Kong, Singapore and the UAE, the solution will be rolled out in the UK from October, in India and Australia from November, and in other countries next year.

“Our global trade solutions are designed to help our clients trade with confidence and unlock working capital,” says Bhrigu Singh, HSBC’s chief product officer, global trade and receivables finance.

“In line with this approach, HSBC TradePay is an innovative digital solution that enables companies to seamlessly draw down trade loans and pay suppliers, improving their working capital while building stronger relationships with their trading partners,” Singh adds.

The bank’s mobile trade transaction tracker is also now available to financial institution (FI) customers, enabling them to search for and track transactions, and see the real-time status of guarantees.

Future improvements to the tracker – first launched in 2017 – include adding the ability to view the status of other trade transactions, such as documentary credits and trade loans.

Singh says: “Having the status of their guarantees at their fingertips gives FI customers end-to-end visibility and the ability to self-serve.”

The announcements follow news that HSBC will invest US$35bn in B2B trade platform Tradeshift to create a trade and financial technology joint venture.