HSBC has deployed tokenization tech in its receivables infrastructure for corporate clients in India.
Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18.
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%.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.