Using the online application form, HSBC customers can now transfer data directly through an API from their accounting software package. They also have the option to upload their data through a user-interface.

Once submitted, the Trade Ledger platform automatically generates a survey and risk report using a rule-based decisioning engine which is then despatched to the underwriters within hours of the application being received. The client is kept updated of the status of their application and a final decision is typically received within two days, including an indicative offer.

Vinay Mendonca, chief growth officer, global trade and receivables at HSBC says: "The launch of Digital RF eliminates time consuming and labour-intensive manual processes for our customers. What’s more, they can find out whether their application is likely to be successful within hours rather than months and get quick access to liquidity.”

The Digital RF application process is now available in eight countries and territories including the UK, Hong Kong, USA and India. The proposition will go live in a further three countries by the end of the year.