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August 15, 2022
Finance Technologies

HSBC selects CGI for new trade tech platform

HSBC has been selected CGI, an IT consultancy, to deliver a new global trade technology platform.

“We are very closely aligned with HSBC in our thinking on how trade and supply chain finance should develop”

The platform is intended to accelerate the ongoing transformation of HSBC’s global trade and receivables business by updating the underlying technology and improving agility and processing capabilities.

HSBC will use CGI’s Trade360, an end to end global trade finance solution, which will deliver all the software and business capability to power the bank’s global trade business.

The new infrastructure will help HSBC further drive its innovation agenda. It will leverage and converge different emerging technologies for HSBC’s clients, including distributed ledger, APIs and Internet of Things (IoT).

HSBC hopes to further enhance its customer service through higher levels of digital engagement.

“We are very closely aligned with HSBC in our thinking on how trade and supply chain finance should develop,” explains Neil Sadler, senior vice president, UK Financial Services, at CGI.

He adds: “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.”

Recently, HSBC India and ING Bank Brussels said they have “successfully executed a blockchain-enabled, live trade finance transaction”.

HSBC selects CGI for new trade tech platform
HSBC selects CGI for new trade tech platform
Fintech
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