Australian based FinTech company Identtitii Limited that enables the secure overlay of transaction level detail on top of financial messages using a private blockchain, has announced the launch of its Digital Accounts Receivable Tool (HSBC DART) using Identitii’s innovative tokenization technology, to its corporate clients in India. This means that HSBC is planning to implement this technology into its receivables infrastructure in India.
The announcement said that, HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and deploys Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance involved processes. HSBC is also looking to launch their DART initiative in other Asian countries.
According to the announcement, DART will work in the following way:
Commenting on HSBC DART, 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.”
HSBC previously reported that implementation of blockchain tech in its forex trade settlement reduced costs of operations by 25%.
Béatrice Collot, Head of Global Trade and Receivable Finance at multinational banking giant HSBC said that,
“Thus, transparency and instantaneity are the true strengths of the blockchain, and should generate not only significant time savings and increased security, but also significant [financial] savings.”