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HSBC announced launch of a new ‘fast-track’ digital trade finance demand guarantee designed to assist customers conduct international trade in a more secure and efficient manner. As described by the bank, the solution “allows customers to issue digitally processed guarantees that can be issued to a beneficiary in real time”, drastically reducing issuance times from a few days to potentially minutes.
HSBC’s ‘fast-track’ digitally processed trade finance guarantee debuted in December 2023 when the bank issued a Tender Bond for consultancy and accounting firm KPMG in Qatar and an Advance Payment Guarantee for UK international corporate Russell Finex Ltd. The solution will be available to customers via HSBC Trade Solutions, the bank’s trade finance platform, when it is deployed globally beginning in 2024.