HSBC targets US importers with new TradePay import duties solution - Trade Treasury Payments

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HSBC targets US importers with new TradePay import duties solution

HSBC has launched a new extension of its digital financing platform, TradePay, aimed at simplifying import duty payments for US corporates. The solution enables companies to optimise working capital by settling duty payments directly through HSBC, reducing friction and improving cash flow visibility.

Many corporates are currently facing changing working capital needs and increased upfront commitments. By settling payments of import duties directly and frictionlessly through HSBC TradePay, businesses can simultaneously access credit and complete payments, leading to more efficient settlement times and better visibility over cash flows. 

The solution is flexible and ensures import duty payments are made directly by HSBC, either through pre-agreed credit terms with brokers or direct Automated Clearing House (ACH) credits.

Vivek Ramachandran, Head of Global Trade Solutions at HSBC 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.”

The HSBC TradePay platform utilises innovative, digital solutions to help facilitate the transition away from paper-based operations, integrating financing and payments into one single journey.

Since its initial launch in 2023, HSBC TradePay has made $2.3bn of trade finance available across the globe.