HSBC has launched Digital Accounts Receivable Tool (HSBC DART) for its global liquidity and cash management business, using Identitii’s tokenisation technology.
HSBC DART integrates with HSBC’s existing receivables technology infrastructure and uses an information layer to securely communicate information associated with an invoice or payment.
The information layer automates the accounts receivable process for HSBC’s corporate clients and their network of buyers, by reducing their dependence on manual processes.
HSBC also plans to launch HSBC DART in new markets in Asia to support its corporate clients by delivering a secure digital information exchange channel and ecosystem connecting sellers and buyers.
Under phase two of the project, Identitii aims to deliver new functionality supporting the roll out of HSBC DART into new locations.
Nicholas Soo, head of payment products for Asia-Pacific at 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 of 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.”
He added: “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.”
