- The system will be named Digital Accounts Receivable Tool (HSBC DART).
- The tool is aimed at automating the accounts receivable (AR) process.
According to an announcement, HSBC, a major global banking group, has integrated tokenization technology into its receivables infrastructure for corporate clients in India. HSBC reported that they have launched a Digital Accounts Receivable Tool (HSBC DART). HSBC DART is based on tokenization technology developed by Identitii Ltd, an Australian fintech company. Identitii also stated that HSBC has plans to release HSDC DART in new markets in Asia.
HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and adopts Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance involved processes. This tool is aimed at automating the accounts receivable (AR) process for HSBC’s corporate customers and their network of buyers. Accounts receivable is the sum of money owed to a firm for services or goods provided or used but not yet paid by customers.
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