HSBC readies for SWIFT trade pilot

The global bank will test a central matching and rules based engine that helps banks to compensate for the drop off in letters of credit.

HSBC is among a few Asian banks that, in December, will begin piloting a new standards engine offered over the SWIFT network. The Trade Services Utility TSU is a central matching and rules based messaging system that allows banks to send and swap information electronically, giving them the power to offer value-added services to importers and exporters.

The engine has been developed in response to a global shift away from traditional forms of trade finance such...

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