HSBC has deployed tokenization tech in its receivables infrastructure for corporate clients in India.
The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd., the firm said in the announcement.
According to the statement, 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 instrument is designed to automate the accounts receivable (AR) 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. Accounts receivable is the balance of money owed to a firm for services or goods provided or used but not yet paid by customers.
In the announcement, Identitii revealed HSBC’s plans to expand HSBC DART in new markets in Asia.
Originally founded in 1865 in British Hong Kong, United Kingdom-based HSBC was the 7th largest bank in the world by 2018, and the largest in Europe, with total assets of about $2.6 trillion. In mid-March 2019, HSBC was reported to be seeking banking partners in South Korea to deploy the blockchain platform Voltron.
Previously, HSBC reported that implementation of blockchain tech in its forex trade settlement reduced costs of operations by 25%.
Visit the USSA News store!
Click this link for the original source of this article.
Author: Helen Partz
This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.