Mastercard signs Statement of Work agreement with Identitii

By Pavithra R

Global technology company Mastercard has announced signing a Statement of Work (SOW) agreement with Identitii to use Identitii’s Overlay+ platform for secure sharing of financial crime compliance information within Mastercard’s cross-border payments network.

Financial Action Task Force (FATF) recommends setting out international standards that aim to prevent illegal activities and the harm to society, but every regulator implements them slightly differently. Identitii’s Overlay+ helps standardise information required to process transactions across jurisdictions, by enabling financial services businesses to request and share the information needed by each and every jurisdiction in which it works. 

“We are really pleased to announce our first project with Mastercard, following the Master Services Agreement announced in August. Mastercard will use Overlay+ to support secure information sharing over its cross-border payments network, simplifying financial crime compliance and streamlining payment operations. It is also important validation of Identitii’s new strategy to connect financial services businesses with their global network of partners and customers, making it easier for them to ensure compliance with all jurisdictions and regulators, without replacing legacy technology,” said John Rayment, CEO, Identitii.

The Statement of Work (SOW) sets out how Mastercard will use Overlay+ to securely share financial crime compliance information within its cross-border payments network. The minimum value of the contract to Identitii is AU$783,673. Earlier this year, the companies signed a five year Master Services Agreement (MSA) to license Overlay+ platform to any Mastercard business globally.

Recently, Mastercard, Standard Bank & Google partnered to help SMEs expedite digital transformation.

Established since 1966, Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. It is also making Environmental, Social, and Governance (ESG) central to its business model. Mastercard expects to donate a maximum of 2 million meals over the campaign period.