According to Cointelegraph, HSBC’s announcement on June 18th, 2019 revealed that the international bank has introduced its Digital Accounts Receivable Tool (HSBC DART). The solution was created for the bank’s Global Liquidity and Cash Management (GLCM) business.
HSBC also revealed that the tool is based on tokenization technology developed by blockchain-enabled fintech company Identitii, based in Australia. According to the bank’s statement, HSBC DART utilizes Identitii’s approach to tokenization by operating within the bank’s existing infrastructure of receivables with the goal of improving the overall process.
Moreover, HSBC disclosed that the tool is programmed to automate the AR process for its corporate customers as well as their network of buyers. With the tokenized solution, a secure communication layer between network participants is put in place, while eliminating manual work for clients.
According to the statement, Identitii disclosed that HSBC plans to introduce HSBC DART in new markets across Asia.
This marks the bank’s latest foray into distributed ledger technology (DLT). The bank had announced that blockchain technology reduced the cost of business operations in the bank’s forex trade settlement by 25%.
Earlier this year in March, HSBC was reportedly looking for banking partners in South Korea to deploy Voltron, its blockchain platform.
HSBC, which was established in 1865 in British Hong Kong, became the world’s 7th largest bank in 2018, as well as the largest in Europe.
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