HSBC launched TradePay for Import Duties, a specialised financing tool for US clients, aimed at streamlining import duty payments and enhancing working capital efficiency.
The solution allowed businesses to settle import duties directly through HSBC while gaining immediate access to credit—helping to speed up settlement times, improve cash flow visibility, and reduce friction in trade-related transactions.
As companies faced increased upfront costs and evolving working capital needs, HSBC TradePay offered timely support for businesses navigating international trade.
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.