HSBC Group has chosen Canadian IT consulting firm CGI for the development of a global technology platform to enhance the bank’s trade and receivables business.
HSBC Hexagon in London (Credit: HSBC)
As part of the partnership, CGI will update the underlying technology of HSBC’s platform and will improve the agility and processing capabilities.
The banking group will deploy CGI Trade360, an end-to-end trade finance solution, to power its global trade business.
The finance solution, which is delivered as a software as a service (SaaS), allows lenders to offer the full range of traditional trade, payables, receivables and cash management services to their clients on a single, integrated and global platform.
Built for multi-bank, multi-currency and multi-time zone processing, CGI Trade360 platform features a corporate portal, an efficient back-office trade processing system with latest imaging and workflow, an advanced reporting utility, as well as an XML-based integration architecture.
According to the consulting firm, its CGI Trade360 platform offers benefits such as significant efficiency gains and savings of at least 30%, faster time to market, 24/7 availability and superior reporting.
CGI believes that the new trade platform will further help the bank in enhancing its customer service through higher levels of digital engagement.
CGI UK financial services senior vice president Neil Sadler said: “We are very closely aligned with HSBC in our thinking on how trade and supply chain finance should develop.
“Working together on an important industry program such as this is mutually beneficial to us both, as it will allow HSBC to speed up the process of bringing additional value to their client base, while enabling CGI to accelerate the value of our market leading intellectual property.”
In February, HSBC partnered with NepFin, a commercial lending fintech, to strengthen lending proposition for middle market businesses in the US.
The partnership will provide access to customers of NepFin in commercial banking services and its global network.
This will also pertain to such international markets where HSBC does not have physical presence in such cities where there is no access to multi-national financial institutions who can serve companies of all sizes.