Identitii Limited (ASX:ID8) is pleased to confirm it has signed a five-year SLA with the Australian arm of the Dutch-led multinational banking and financial services group, Rabobank.
Rabobank Australia will “use Identitii’s Cloud-hosted reporting platform, to help further automate IFTI reporting to AUSTRAC.”
John Rayment, CEO of Identitii said:
“I am thrilled to announce that we have signed a five-year licence agreement with Rabobank Australia. Rabobank is a great example of a financial services organisation deploying increased automation for IFTI reporting to AUSTRAC. I’d like to welcome Rabobank to the growing Identitii family and look forward to working closely with their team.”
Rayment added:
“We continue to see strong interest in our cloud platform in Australia and other global markets, as AUSTRAC and other regulators around the world push reporting entities to ensure AML/CTF processes meet stringent standards. This growing macro trend, together with other drivers including global adoption of ISO 20022, put Identitii in a prime position to capitalise on perhaps the largest program of technology change the industry has ever seen.”
As noted in the update:
“The global financial services industry exercises considerable caution when adopting new technology, with significant momentum building over time once solutions are proven. Our new SaaS platform is breaking new ground in an industry where companies, customers and regulators are all looking for greater transparency.”
The five-year SLA consists of “an annual recurring license fee of $0.1M and an initial $80k payment for professional service fees for onboarding and customization.”
Either party may “terminate the agreement for any reason with 12 months written notice.”
Rabobank also “has an automatic right of renewal for a further 12-month period at the end of the initial term.”
This announcement has been “authorized for release to ASX by the Company’s Board of Directors.”
As noted by its management, Identitii “helps simplify and automate financial crime compliance by making it easier to access and securely share the information needed to perform financial crime due diligence internally and for regulators, without needing to upgrade existing systems.”
They bridge the gap between “the increasing demand from regulators and customers for more information on financial transactions, and the legacy technology systems that make it difficult to identify and share that information.”
Their platform “overlays existing technology systems and creates a single view of financial crime compliance information across systems, formats and message types, and enables it to be securely shared internally or with counterparties.”