Today, HSBC launched a new online portal that improves connectivity for Financial Institution (FI) customers by simplifying the end-to-end transaction fulfilment process.

Using the FI Digital Network, FI customers will be able to interact seamlessly and securely with HSBC to view the status of their Guarantee transactions in real time, receive status updates and download reports.

Following a successful pilot, HSBC is enhancing the functionality of the FI Digital Network and expanding the offering beyond Guarantees to cater for the full suite of trade products that FI customers use. 

Commenting on the launch, Vinay Mendonca, Chief Growth Officer Global Trade and Receivables Finance at HSBC said: “As part of our continued efforts to digitise trade finance, we are delighted to have co-created this solution with our clients. We have been discussing the latest industry trends and developments, and these conversations validated a need for us to co-create the FI Digital Network, which will help facilitate commerce for our clients. 

“At present, the customer journey for Guarantees is fragmented with multiple touchpoints and limited end-to-end visibility. The FI Digital Network offers an improved and simplified customer experience. Not only does the new portal provide full visibility, with real time updates, it removes the need for manual interventions.”

HSBC also offers this functionality through an API and has launched this purpose-built portal to provide additional flexibility to FI customers. HSBC is also working with FIs on tailored solutions to further increase transaction automation.

A Guarantee is an undertaking issued by a bank assuring payment to the beneficiary in the event that the applicant doesn’t complete its underlying contractual obligation. 

HSBC’s is one of the largest issuers of bank guarantees worldwide, providing expertise and advisory in local jurisdictions through their global network.