Global bank HSBC has entered into a fintech partnership to enable faster business payments.
The organisation will use Australian fintech Identitii’s tokenisation technology with its own receivables infrastructure to create a Digital Accounts Recievable tool (DART).
Identitii was part of an Accenture fintech lab in 2015 and made its debut on the Australian stock exchange in 2018. The company has been working with HSBC since 2017. Identitii uses a private blockchain to layer transactional data on top of financial messages.
DART was developed specifically for HSBC’s Global Liquidity and Cash Management business. The technology is now live in India and will roll out further across Asia.
“HSBC has a commitment to innovation and to finding the best ways to constantly enhance the service we provide to our clients,” said Nicholas Soo, Head of Payment Products APAC at HSBC. “Developing HSBC DART with Identitii has helped us solve a key pain point in receivables by digitising the client experience and creating an ecosystem where our clients and their customers connect to improve efficiency through the secure exchange of information.”
Identitii CEO Nick Armstrong explained: “HSBC DART improves the entire accounts receivables process for corporate clients by boosting working capital efficiency and providing increased data integrity and security.”