HSBC Australia has signed a new license with Identitii, a blockchain and tokenisation platform that supplies data needed to process, reconcile, and report on payments.
Through the agreement, Identitii will supply the bank with its Overlay+ platform which enables P2P communication of any type of data or documents between parties or regulators. It facilitates the sharing of structured or unstructured settlement data along with clearing, remittance and regulatory reporting information, creating a permissioned audit trail of activity for each transaction.
This new extended agreement is for an initial year-year term and has a minimum contract value of $511,600, with scope for this to increase.
This new license generates material revenue for Identitii through a combination of professional service fees for upfront technology implementation.
Identitii CEO, Nick Armstrong said, “We are very happy to announce that we have signed a new licence 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 commercialisation of a new use case for Overlay+, which seamlessly integrates with existing systems to ensure compliance with regulatory reporting requirements.”
Last year, Identitii raised $11m through its IPO on the Australian Securities Exchange. The funds were raised to support the development and commercialisation of its platform.
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