e-Finance solution automates processing of purchase orders and invoices
London, 17th October 2017: 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.”
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About HSBC
HSBC Commercial Banking
For over 150 years HSBC have been where the growth is, connecting customers to opportunities. Today, HSBC Commercial Banking serves more than two million businesses across the world, ranging from small enterprises focused primarily on their home markets through to corporates operating across borders. Whether it is working capital, term loans, trade finance or payments and cash management solutions, HSBC provide the tools and expertise that businesses need to thrive. As the cornerstone of the HSBC Group, they give businesses access to a geographic network covering more than 90% of global trade and capital flows. For more information visit: http://www.hsbc.com/about-hsbc/structure-and-network/commercial-banking
The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 4,400 offices in 71 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,557bn at 30 September 2016, HSBC is one of the world’s largest banking and financial services organisations.
About Bolero (www.bolero.net)
Bolero is a leader in the digitisation of global trade, providing cloud-based solutions that help organisations optimise working capital, secure trade finance and reduce the risks and costs of global trade.Since launching the first electronic bill of Lading, Bolero has securely exchanged trade data and documentation between trading counterparties across the entire supply-chain including buyers, sellers, financial institutions and other involved parties.
For more information, please contact:
Scott Lunn
The Whiteoaks Consultancy
Tel: + 44 (0) 1252 727313