New HSBC tool to automate exchange of invoice and payment information
HSBC Australia has today launched a new tool to enable faster receivables reconciliation for Australian corporates. HSBC DART – Digital Accounts Receivables Tool – will connect businesses to their customers by accelerating the exchange of invoice and payment information.
The tool will be powered by tokenisation technology to simplify and automate the exchange of information between sellers and buyers; helping to improve the supply chain, cut down manual tasks, and enhance working capital efficiency.
Overcoming challenges in receivables reconciliation
Receivables reconciliation remains a key challenge for many Australian businesses who receive and process large volumes of payments on a daily basis.
The process of identifying payers and matching with invoices is typically a manual, intensive process that can take several days – weighing on resources, causing delivery delays and impacting customer satisfaction. Inaccuracies and insufficient data add to the complexities of managing receivables.
Through a secured digital information exchange platform, HSBC DART brings transparency and monitoring capabilities, enabling HSBC corporate clients and their customers to track information and view all actions taken by either party.
John Scott, Head of Global Liquidity & Cash Management, HSBC Australia, expects the tool will be especially useful for corporates in the manufacturing, real estate and fast-moving consumer goods industries.
“HSBC DART directly addresses pain points by bringing efficiencies to both our clients and their customers through reduced paperwork, improved traceability and automated utilisation of credit notes,” said Mr Scott.
Success in Asia Pacific
HSBC DART is also being used by the bank’s corporate customers in India, Indonesia and Singapore.
HSBC DART is available to corporate customers in Australia via HSBCnet and Android app. HSBC will progressively widen the capabilities available in the platform as the bank continues to optimise its digital services to support clients.
HSBC Bank Australia
In Australia, the HSBC Group offers an extensive range of financial services through a network of 45 branches and offices. These services include retail and commercial banking, trade finance, treasury and financial markets, payments and cash management and securities custody. Principal HSBC Group members operating in Australia include HSBC Bank Australia Limited (ABN 48 006 434 162 AFSL/Australian Credit Licence 232595) and The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970 and AFSL 301737).
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