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Identitii (ASX:ID8) launches secure payments project with HomeSend

Finance, Technology
ASX:ID8      MCAP $6.615M
10 December 2020 16:00 (AEST)
Identitii (ASX:ID80)- CEO, John Rayment

Source: Identitii

Idenditii (ID8) has struck a statement of work (SOW) with international payment transfer business HomeSend today.

The deal will see HomeSend use Identitii’s Overlay+ platform to help support the delivery of financial crime compliance.

Today’s deal is the second project signed under Identitii’s five-year master services agreement (MSA) with Mastercard, which the secure payments company signed back in August.

Identitii told investors this morning that today’s SOW brings the total aggregate revenue agreed under the Mastercard MSA to roughly $1.85 million.

On top of this, the company said further SOWs are expected under the MSA, but none have been signed just yet.

What is Overlay+?

Essentially, Identitii’s Overlay+ platform is made to help financial institutions reduce their risk of breaching regulatory rules and subsequently cop massive fines.

The basis for the tech is that conventional know your customer (KYC) services are no longer enough to prevent money laundering. Thus, the Overlay+ platform instead works on a ‘know your transaction’ basis; intelligent information is sent off with each transaction to help financial institutions, customers, and watchdogs better understand its origin and purpose.

The Overlay+ platform builds on existing infrastructure — meaning banks and other financial institutions can integrate it into their own technology instead of having to buy any new hardware.

The Mastercard deal

The MSA struck with Mastercard in August effectively gives Identitii the ability to sell its software, like Overlay+, to any Mastercard business across the globe.

Under the deal, Identitii also licences Mastercard to use Overlay+ to share documents and information.

This means MSA does not come with any direct revenue for Identitii, but it rather opens the door for myriad opportunities to Identitii to sell its secure payments tech.

Shares in Identitii spiked in early action today but have since retreated back to the grey line to trade at 16 cents each at 12:56 pm AEDT. The company has a $21.38 million market cap.

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