Nick Armstrong, CEO, Identitii

HSBC has announced the launch of its Digital Accounts Receivable Tool (HSBC DART) using Identitii’s tokenisation technology, to its corporate clients in India. Identitii Ltd. is an Australia-based FinTech company which uses blockchain to reduce the risk of sharing documents and information between banks and corporates.

The tokenisation technology used by HSBC DART was developed by Identitii for the Global Liquidity and Cash Management (GLCM) business of global tier one banking group, HSBC. Identitii will also be delivering new functionality supporting the rollout of HSBC DART into new geographies, generating additional revenue for Identitii.

HSBC DART uses Identitii’s innovative approach to tokenisation and integrates with HSBC’s existing receivables technology infrastructure. It uses a unique information layer to securely communicate information associated with an invoice or payment. This 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.

Commenting on HSBC DART, Nicholas Soo, Head of Payment Products, Asia-Pacific, HSBC said, “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.”

Nick Armstrong, CEO, Identitii commenting of the development of DART, “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. 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.”

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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