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- Financial services business Identitii (ID8) has been granted a U.S. patent for its secure financial information sharing ecosystem
- It’s a significant milestone for the company as it forms a key part of its intellectual property (IP) protection strategy
- ID8 also believes the patent will increase its overall competitive advantage and potentially generate more revenue
- The company now has to pay a fee to secure the U.S. patent, while its also awaiting the outcome for several other patents filed in seperate jurisdictions
- Shares in Identitii have opened the week trading up 1.52 per cent at 16.8 cents each
Identitii (ID8) has been granted a U.S. patent for its secure financial information sharing ecosystem.
It’s a significant milestone for the financial services business as it forms a key part of its intellectual property (IP) protection strategy.
“U.S. patent approval is a huge milestone for Identitii because it helps safeguard our business from competitive threats,” CEO John Rayment explained.
“[It also] protects our strategy of building a connected ecosystem for financial information, without replacing existing systems,” he added.
The company believes the patent will also increase its competitive advantage and potentially generates new revenue streams for the business.
“There is also the potential to licence the technology to other players, generating additional revenue,” John added.
The ecosystem in question works to simplify financial crime compliance, streamline reporting operations and enable faster settlement of payments.
Additionally the technology that underpins the patent is also the backbone of the ID8’s corresponding banking solution.
Following the granting of the U.S. patent, the company must pay a US$600 (around A$797) fee to the United States Patent and Trademark Office.
ID8 is also awaiting the results of several other patent registrations its initiated in other jurisdictions.
Shares in Identitii have opened the week trading up 1.52 per cent at 16.8 cents each at 12:02 pm AEDT.
