Today
we.trade confirmed the completion of the first live trades on the trade finance platform. The solution provides a simple user interface for business customers to log on and select the financing they need. In the run-up to the we.trade launch, Ledger Insights provided
in-depth coverage.
Ten companies have executed trades with four banks over the last five days. The platform primarily targets SME’s offering open account finance like factoring or forfeiting which enable suppliers to get cash early. Buyers can also provide Bank Payment undertakings which are guarantees that the supplier will get paid.
Omer Ahsan, Head of Customer Propositions at HSBC and we.trade Board Member commented on the successful launch. He said: “Last week three of our clients executed transactions using we.trade. Fluid Pumps used the platform to complete an open account transaction with a customer in Finland, GPS Food Group completed an intercompany transaction that included the use of a Bank Payment Undertaking and also executed two open account transactions with Paragon Quality Foods.”
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