Identitii secures second licence with HSBC
Blockchain transaction regulator service, Identitii, announces its new licence agreement with HSBC Australia, to provide the bank with its Overlay+ platform.
Marking the second licence agreement between the Australian fintech and HSBC, the expanded partnership is set for an initial five-year term, with a minimum contract value of $511,600.
Through a combination of professional service fees and an ongoing monthly licence fee, the new licence will generate material revenue for Identitii.
“The new licence delivers on a key part of our growth strategy, which is deepening relationships with existing customers,” says Identitii CEO, Nick Armstrong. “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”.
Headquartered in Sydney, Identitii uses blockchain and tokenisation to connect banks and businesses with the data they need to process, reconcile and report on payments.
Overlay+ is expected to go live with HSBC Australia after Q2 of 2020.