B2B Payments

HSBC Taps Tokenization For Accounts Receivable Tool

HSBC is rolling out its digital accounts receivable solution for corporates in India after teaming up with Australia-based Identitii, reports in IT Wire said on Tuesday (June 18).

The bank is integrating Identitii tokenization technology to launch HSBC DART, a secure digital information exchange offered under its Global Liquidity and Cash Management (GLCM) business. The service allows corporate buyers and vendors to connect and share data securely, with Identitii’s tokenization technology integrated into HSBC’s existing accounts receivable infrastructure.

Their collaboration adds a secure information layer that protects data, and enables businesses to communicate additional information when sending invoices or payments.

“HSBC’s DART is an industry first,” said Identitii CEO Nick Armstrong in a statement. “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 receivable process for corporate clients by boosting working capital efficiency, and providing increased data integrity and security.”

In another statement, HSBC Director and Regional Head of Payment Products for GLCM Nicholas Soo said, “Developing HSBC DART with Identitii has helped us solve a key pain point in receivables by digitizing the client experience, and creating an ecosystem where our clients and their customers connect to improve efficiency through the secure exchange of information.”

HSBC plans to expand availability of HSBC DART to its corporate customers across Asia, though the companies did not reveal when that may occur. The bank and Identitii also plan to commence Phase Two of their collaboration, which will integrate new functionality, and further expand the tool to new geographic markets.

Earlier this year, HSBC announced that it had begun testing its PayMe system with Hong Kong corporates using HSBC’s eWallet, enabling users to accept digital payments from PayMe users via QR code.

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