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HSBC Bank Australia has signed a new license agreement with Australian fintech startup Identitii to tap the latter’s intelligent information exchange platform, Overlay+.
Launched in October 2018, Overlay+ enables peer-to-peer communication of any type of data or documents between parties and to regulators securely and in real-time using a private blockchain. It uses Identitii’s tokenisation approach to enable visibility into transaction-level detail for compliance and faster settlement of exceptions.
Importantly, Overlay+ sits in the application layer and seamlessly integrates with existing systems via API, thereby helping to avoid “rip and replace.”
According to the press release, this is the second license agreement for Identitii’s technology under its existing Global Framework Agreement with HSBC Global Services UK Limited. In June, HSBC launched the Digital Accounts Receivable Tool (DART), developed using Identitii’s tokenization technology, for its corporate clients in India.
“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 commercialisation of a new use case for Overlay+, which seamlessly integrates with existing systems to ensure compliance with regulatory reporting requirements,” Identitii CEO, Nick Armstrong said.
As per the details, the expanded agreement is for an initial term of five years, with a minimum contract value of $511,600 with scope to be extended. Identitii said that the license will generate “material revenue” for the company through a combination of professional service fees for upfront technology implementation and an ongoing monthly license fee.
The company expects the implementation to be completed in Q2 2020 and said that the Overlay+ platform is expected to go live with HSBC Australia thereafter.
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