HSBC has implemented tokenization technology in its receivables infrastructure for corporate clients in India, the bank has said. The bank has introduced its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered fintech company Identitii. A statement by Identitii said the 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. The tool is expected to automate the accounts receivable process for HSBC’s corporate customers and their network of buyers, enabling a secure communication layer between network participants and reducing manual work such as invoice payments documentation. Identitii said HSBC plans to expand HSBC DART in new markets in Asia.
