Identitii Limited (Identitii, Company) (ASX:ID8), an Australian FinTech enabling the secure overlay of transaction level detail on top of financial messages using a private blockchain, advises that its customer, HSBC has announced the launch of its Digital Accounts Receivable Tool (HSBC DART) using Identitii’s innovative tokenisation technology, to its corporate clients in India.
HSBC DART’s tokenisation 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. HSBC also plans to launch HSBC DART in new markets in Asia to support its corporate clients by delivering a secured digital information exchange channel and ecosystem connecting sellers and buyers. Under phase two of the project, Identitii is delivering new functionality supporting the roll out of HSBC DART into new geographies, generating additional revenue for Identitii under this phase.
HSBC DART uses Identitii’s innovative approach to tokenisation and integrates with HSBC’s existing receivables technology infrastructure. 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, by reducing their dependence on manual processes and in turn enhancing working capital efficiency.
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.”
Commenting on the development of DART, 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.
“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,” said Mr Armstrong.