HSBC rolls out tokenisation for Asian customers
The bank is introducing HSBC DART to clients in India
HSBC has announced their intention to adopt a token-based technology for their clients based in India, with plans to also introduce it across other new markets across Asia. Customers will make use of the Digital Accounts Receivable Tool (HSBC DART) tool, which was rolled out by the bank in June this year HSBC DART is based on tokenisation technology developed by blockchain-enabled fintech company Indentitii.
Identitii’s approach to tokenization follows a system of operating within the bank’s existing infrastructure of receivables with the goal of improving the overall process.
Moreover, HSBC disclosed that the tool is programmed to automate the AR process for its corporate customers as well as their network of buyers. With the tokenized solution, a secure communication layer between network participants is put in place, while eliminating manual work for clients.
The solution was created for the bank’s Global Liquidity and Cash Management (GLCM) business. According to a statement by HSBC, blockchain technology has reduced the cost of business operations in the bank’s forex trade settlement by up to 25%.