- Identitii (ID8) has renewed its original contract with banking giant HSBC for a further three years
- The three-year contract is worth up to $2 million
- Under the renewed contract, Identitii will continue to support HSBC’s digital accounts receivables tool, HSBC DART
- On the market this morning, Identitii is up 8 per cent and is trading at 13.5 cents per share
Identitii (ID8) has renewed its original contract with banking giant HSBC for a further three years.
The contract is worth up to $2 million, which includes $600,000 in annually recurring revenue over three years.
Under the renewed contract, Identitii will continue to support HSBC’s digital accounts receivables tool, HSBC DART, which was built using Identitii’s technology.
Identitii will provide new features, training and maintenance and support to HSBC DART as it expands into new markets.
HSBC DART allows HSBC’s corporate clients to securely exchange information with their customers to simplify and automate the flow of information in the receivables process.
Additionally, the parties also renewed its global master framework agreement, which allows Identitii to license its technology.
Once this agreement is in place, Identitii can agree to specific statements of work with individual HSBC business units, which will outline how its technology will be used to address particular needs in the business.
Identitii CEO John Rayment is pleased with the contract renewal.
“This announcement is particularly exciting for Identitii as HSBC was our first production customer in 2017 and since then we have delivered HSBC DART and provided ongoing development and support that has enabled them to expand the platform into new geographic markets,” he said.
“We look forward to continuing our relationship with HSBC and supporting their plans for the platform in the future,” he added.
On the market this morning, Identitii is up 8 per cent and is trading at 13.5 cents per share at 11:10 am AEDT.