Banking giant HSBC has partnered with Australian FinTech company Identitii Limited to build tokenisation technology into its receivables infrastructure. The HSBC tool called the Digital Accounts Receivable Tool (HSBC DART) uses an information layer on top of a private blockchain to securely communicate information associated with an invoice or payment.
HSBC Dart will be launched in new markets in Asia to support corporate clients by building a secured digital information exchange channel and ecosystem of buyers and sellers. HSBC DART streamlines the client experience and automates the accounts receivable process for HSBC’s corporate clients and their network of buyers. It also reduces their dependence on manual processes improving working capital efficiency.
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.Nicholas Soo, Head of Payment Products, Asia-Pacific, HSBC
Last year, Reliance India Limited had become the first Indian company to receive payments through blockchain technology. A blockchain-enabled Letter of Credit was issued by US-based Tricon Energy to Reliance which was, incidentally, facilitated with HSBC as the advising and negotiating bank for Reliance.
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