HSBC, one of the world’s largest banking and financial services organisations, has unveiled HSBC TradePay for Import Duties, a new addition to its digital trade finance platform aimed at clients in the United States.
The launch comes amid shifting working capital requirements and increased upfront financial demands faced by corporates.
HSBC TradePay for Import Duties is designed to help businesses streamline the payment of import duties while preserving working capital, offering a timely solution in today’s volatile economic environment.
Operating in more than 60 countries, HSBC provides a wide range of financial services across retail banking, commercial banking, investment banking and wealth management. As the world’s leading trade bank, the institution has continued to innovate in digital financial products to support global commerce.
HSBC TradePay for Import Duties allows US businesses to settle import duty payments directly and efficiently, with HSBC providing the payment either via pre-agreed credit arrangements with brokers or through direct ACH credits. This not only reduces friction in the transaction process but also gives businesses more visibility and control over cash flow.
The solution integrates financing and payments into one digital platform, eliminating the need for manual, paper-based procedures. With HSBC handling duty payments directly, clients can access credit and settle dues in a single journey, improving speed and reducing operational burden.
Since its initial launch in 2023, the HSBC TradePay platform has facilitated $2.3bn in trade finance globally. The new US-focused import duties feature represents the latest evolution of the platform, aimed at strengthening HSBC’s presence in key global trade corridors.
HSBC head of global trade solutions Vivek Ramachandran said, “Clients’ working capital needs are evolving – and we’re responding swiftly with solutions that deliver the most value to them. By settling import duties directly and frictionlessly through HSBC TradePay, our US clients have more visibility and control over their working capital at the time they need it most. As the world’s leading trade bank, we’re committed to supporting global businesses as a strategic partner and innovative problem solver, helping our clients navigate the complexities of global trade.”
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