Global banking giant HSBC to provide tokenization-based receivables system in India
|- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.