HSBC is launching a Digital Accounts Receivable Tool (DART) using tokenisation technology from blockchain start-up Identitii. In particular, HSBC will deploy the DART tool for its corporate clients in India.
HSBC also plans to launch HSBC DART in new markets in Asia to support its corporate clients. It will deliver a secured digital information exchange channel and ecosystem connecting sellers and buyers. Identitii is delivering new functionality supporting the roll out of HSBC DART into new geographies.
In the process, blockchain start-up Identitii will generate additional revenue as a result of its extended agreement with HSBC.
HSBC DART uses Identitii’s approach to tokenisation and integrates with HSBC’s existing receivables technology infrastructure. The fintech says 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. And it reduces their dependence on manual processes and in turn enhances working capital efficiency.
HSBC: a client of blockchain start-up Identitii since 2017
Nicholas Soo, head of payment products, Asia-Pacific, HSBC says: “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. In addition, it creates an ecosystem where clients and customers connect to improve efficiency through the secure exchange of information.”
Nick Armstrong, CEO, Identitii adds: “HSBC’s DART is an industry first. It is the culmination of innovative work undertaken by both Identitii and HSBC. It solves a particular challenge in how corporates and banks communicate and reconcile financial messages.”
“HSBC DART improves the entire accounts receivables process for corporate clients. It boosts working capital efficiency and provides increased data integrity and security.”
“We look forward to providing updates as this product is expanded into new markets,” concludes Armstrong.
Blockchain start-up Identitii: ASX debut following IPO
Sydney-headquartered blockchain start-up Identitii made its debut on the Australian Securities Exchange last October. In the process it raised A$11m with its initial public offering (IPO).
The firm floated at A$0.95, up from its IPO of $0.75 per share but currently trades at A$0.42.
Identitii has built a platform on a private blockchain. It enables banks and corporate institutions to overlay documents securely and information on messages moving through existing payment networks.