Tuesday, 18 June 2019 10:38

HSBC deploys digital accounts receivable tool built on Identitii’s tokenisation technology

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HSBC deploys digital accounts receivable tool built on Identitii’s tokenisation technology Image Stuart Miles at FreeDigitalPhotos.net

Banking group HSBC has launched a digital accounts receivable tool for its corporate clients in India, using Australian FinTech Identitii’s tokenisation technology.

HSBC DART’s tokenisation technology was developed by Identitii for the Global Liquidity and Cash Management business of HSBC, under phase one of the company’s existing 2017 Global Framework Agreement.

Identitii says HSBC also plans to launch DART in new markets in Asia to support its corporate clients by delivering a secured digital information exchange channel and ecosystem connecting sellers and buyers.

Under phase two of the project, Identitii is delivering new functionality supporting the roll out of HSBC DART into new geographies, which Identitii says will generate additional revenue.

HSBC DART uses Identitii’s approach to tokenisation and integrates with the banking group’s existing receivables technology infrastructure – with a unique information layer securely communicating information associated with an invoice or payment.

Identitii says the approach streamlines the client experience and automates the accounts receivable process for HSBC’s corporate clients and their network of buyers, by reducing their dependence on manual processes and in turn enhancing working capital efficiency.

“HSBC’s DART is an industry first. It is the culmination of innovative work undertaken by both Identitii and HSBC to solve a particular challenge in how corporates and banks communicate and reconcile financial messages,” said Identitii chief executive Nick Armstrong.

“HSBC DART improves the entire accounts receivables process for corporate clients by boosting working capital efficiency and providing increased data integrity and security.

“We look forward to providing updates as this product is expanded into new markets.”

Nicholas Soo, head of Payment Products, Asia-Pacific, HSBC, said: “HSBC has a commitment to innovation and to finding the best ways to constantly enhance the service we provide to our clients.

"Developing HSBC DART with Identitii has helped us solve a key pain point in receivables by digitising the client experience and creating an ecosystem where our clients and their customers connect to improve efficiency through the secure exchange of information.”

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