Identitii receives US patent approval
By Robin Amlot
Australian firm Identitii has been granted patent approval in the US for its global ecosystem for secure sharing of financial transaction information. The patent is a key part of its Intellectual Property (IP) protection strategy. The company said the approval further increases Identitii’s competitive advantage and defensibility, and potentially generates new revenue streams.
Identitii’s secure financial information sharing ecosystem overcomes limitations of existing technology systems to simplify financial crime compliance, streamline regulatory reporting operations and enable faster settlement of payments. The technology that underpins the patent is the backbone of the company’s correspondent banking solution, which enables institutions around the world to securely share information for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.
John Rayment, CEO, Identitii said: “US patent approval is a huge milestone for Identitii because it helps safeguard our business from competitive threats and protects our strategy of building a connected ecosystem for financial information, without replacing existing systems. There is also the potential to licence the technology to other players, generating additional revenue.
“We initially showcased this technology in 2016 through a proof-of-value with SWIFT and seven global banks, after winning the Innotribe Challenge on Compliance at the SIBOS global banking conference. Today the need for this technology has increased, validating our company strategy and vision for the future. We are excited about what this means for our business.”
The company has filed for patent protection in a number of jurisdictions, in addition to the US. To finalise the patent, Identitii must pay a $600 fee to the United States Patent and Trademark Office by 3 February 2021.
Identitii aims to help financial services businesses bridge the gap between the need for more financial crime information and the limited capabilities of legacy technology systems. Founded in 2014 and headquartered in Sydney, Australia, Identitii is listed on the Australian Securities Exchange (ASX:ID8).
In October 2020, Mastercard announced a Statement of Work (SOW) agreement with Identitii to use the company’s Overlay+ platform for secure sharing of financial crime compliance information within Mastercard’s cross-border payments network.
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