A practical application of tokenisation? They will be making breakfast out of hype next. Tokenisation is one of the buzzwords of the moment, it entails substituting a sensitive data element with a non-sensitive equivalent. But now, a new digital accounts receivable tool, developed by Identitii has found its way into a practical application.
The tokenisation technology was developed by Identitii for the Global Liquidity and Cash Management business of HSBC, creating a product called HSBC DART. The bank has already launched the product to its corporate clients in India and plans to launch into new markets in Asia. The product will support its corporate clients by delivering a secured digital information exchange channel and ecosystem connecting sellers and buyers.
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According to Identitii, HSBC DART improves the entire accounts receivables process for corporate clients by boosting working capital efficiency and providing increased data integrity and security.
Under phase two of the project, Identitii is delivering new functionality supporting the roll out of HSBC DART into new geographies, generating additional revenue for Identitii under this phase.
HSBC DART uses Identitii’s approach to tokenisation and integrates with HSBC’s existing receivables technology infrastructure. It uses a unique information layer to securely communicate information associated with an invoice or payment. This streamlines the client experience and automates the accounts receivable process for HSBC’s corporate clients and their network of buyers, by reducing their dependence on manual processes and in turn enhancing working capital efficiency.
Commenting on HSBC DART, Nicholas Soo, Head of Payment Products, Asia-Pacific, HSBC said: “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.”
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Nick Armstrong, CEO, Identitii said: “HSBC’s DART is an industry first. It’s the culmination of innovative work undertaken by both Identitii and HSBC to solve a particular challenge in how corporates and banks communicate and reconcile financial messages.”