Blockchain Platform For Bank-To-Corporate Communications Introduced By Identitiibr>
Blockchain startup Identitii Limited has introduced a blockchain platform for enriching payments and corporate treasury transactions.
Identitii allows financial institutions to accelerate transaction verification processes by enabling the secure, trusted and auditable exchange of information within and between counterparty financial institutions, and financial institutions and their end clients. The company made its debut on the Australian Securities Exchange (ASX) yesterday after raising $11 million in its initial public offering (IPO).
Called Overlay+, the new platform is using a private blockchain to create a path for verified information to be exchanged within banks, between banks and corporate customers securely and in real-time. The platform is utilizing Identitii’s tokenization approach to enable visibility into transaction level detail for compliance and faster settlement of exceptions.
The blockchain platform’s current features include deep integration with Microsoft Outlook and other mail clients, enabling banks and corporates to send or reply to requests for information via their email client, without actually sending data over unsecure email channels. It provides customers with live monitoring and an unalterable record of any automated activities that have formed part of the decision process by incorporating a real time data stream from Robotic Process Automation (RPA) firm Blue Prism. It is also integrated with Dow Jones Risk & Compliance and global LEI databases, simplifying information gathering and search into a single system for sanctions checks, customer due diligence and AML and KYC compliance.
Nick Armstrong, CEO of Identitii, said that the platform helps banks and corporates overcome key limitations in legacy technology, which currently limit the amount of information that can be shared with a financial message.
“Banks and Corporate Treasury departments are looking for ways to improve the service they provide to customers, and the enhancements we are launching with Overlay+ are driven by our customers need to streamline their operations and simplify compliance,” said Armstrong. “Overlay+ enables our customers to provide an enriched and more transparent payments service to their own clients.”