Nick Armstrong, CEO, Identitii

Australian fintech Identitii Limited has announced a license agreement with HSBC Australia wherein the fintech will be providing its Overlay+ platform to the bank.

Identitii states that Overlay+ platform facilitates P2P communications of any type of data or documents between parties and to regulators. The platform aims to secure the process of structured and unstructured data settlement along with reporting information.

Nick Armstrong, Identitii CEO, said, “We are very happy to announce that we have signed a new license agreement for Overlay+. This is our second technology license with HSBC and it delivers on a key part of our growth strategy, which is deepening relationships with existing customers. It also represents the commercialization of a new use case for Overlay+, which seamlessly integrates with existing systems to ensure compliance with regulatory reporting requirements”.

According to the supplier, the new license will facilitate the generation of material revenue and technology implementation for Identitii. Overlay+ will go live with HSBC Australia post the completion of the implementation in Q2 2020.

Recently, HSBC announced the launch of Digital Accounts Receivable Tool (HSBC DART) using Identitii’s tokenization technology, to its corporate clients in India.

Established in 2014, Identitii aims to create a secure payments ecosystem by the utilization of blockchain and tokenization. Its solution helps banks and corporates securely exchange information about the purpose, origin, and beneficiaries of financial transactions using existing technology infrastructure and a private blockchain network.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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