Blochain technology has increasingly been finding application in the banking industry. In the most recent example of this trend, HSBC is launching a new tool name DART. Digital Accounts Receivable Tool (DART) uses digital ledger’s capabilities for parties to share information privately and transparently.
It is doing so using Identitii tokenization. The bank has already launched the product to its corporate clients in India and plans to launch into new markets in Asia.
The product uses HSBC’s existing receivables technology infrastructure. It uses a unique information layer to safely transmit data linked 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 lessening their dependency on manual means and in turn enhancing working capital efficiency.
HSBC DART will support its corporate clients by delivering a secured digital information exchange channel and ecosystem connecting sellers and buyers.
Payment Products Head of HSBC’s Asia-Pacific branch, Nicholas Soo 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 digitizing the client experience and creating an ecosystem where our clients and their customers connect to improve efficiency through the secure exchange of information.”
The product’s tokenization technology was developed by Identitii for the Global Liquidity and Cash Management (GLCM) business of global tier one banking group, HSBC, under phase one of the Company’s existing 2017 Global Framework Agreement.
Under phase two of the project, Identitii is delivering new functionality supporting the rollout of HSBC DART into new geographies, generating additional revenue for Identitii under this phase.
Nick Armstrong, CEO, Identitii said:
“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. It improves the entire accounts receivables process for corporate clients by boosting working capital efficiency and providing increased data integrity and security.”