GT Nexus partners with HSBC on supply chain funding

Financial services firm HSBC has entered into a new supply chain finance partnership with GT Nexus, a provider of cloud-based business applications.    Financial services firm HSBC has entered into a new supply chain finance partnership with GT Nexus, a provider of cloud-based business applications.
   With the new collaboration, financing capabilities will be integrated to the platform for HSBC’s clients in the United States, Global Trade Review reported.
   “Our new partnership with HSBC will ease the access to funds and help companies free up working capital,” GT Nexus said on Twitter.
   Although the offering is initially being made live for HSBC customers based in the U.S., it could be expanded geographically in the future, Vinay Mendonca, HSBC’s global head of product and propositions, global trade and receivables finance, told GTR. “The good thing with these cloud-based solutions is that they can be quite easily replicated to different geographies without much work,” Mendoca said.
   Back in March, HSBC also joined forces with business networking firm Tradeshift, whose platform connects more than 1.5 million companies globally.
   Mendoca said that “in essence” the GT Nexus and Tradeshift platforms are “fairly similar in terms of what they look to achieve for their clients,” but there are some differences in functions and capabilities, along with the sectors, areas or client profiles they target.