Source: TechCrunch
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  • Identitii (ID8) has teamed up with multinational financial services company Mastercard and signed a five-year Master Services Agreement (MSA)
  • The MSA enables Identii to sell its software and services to any Mastercard business globally and it will be licenced Identitii’s Overlay+ platform
  • The platform is designed to collect and share information on financial transactions in a secure and auditable way
  • Activity and revenue associated with the MSA will be defined in more detail in later statements of work
  • Identitii shares have opened flat at 19.5 cents

Identitii (ID8) has signed a five-year Master Services Agreement (MSA) with multinational financial services company Mastercard.

The MSA enables the Australian company, headquartered in Sydney, to sell its software and services to any Mastercard business globally.

This will include licencing Mastercard to use Identitii’s Overlay+ platform to share documents and information relating to financial transactions in a secure and auditable way.

The platform builds on existing technology infrastructure and, using blockchain and tokenisation, enables the secure exchange of information within a bank, between banks, or between a bank and a corporation.

Identitii CEO John Rayment said the company is pleased to have furthered its relationship with Mastercard.

“We are thrilled to announce that we have signed an agreement with Mastercard, who we have had a relationship with since participating in their Start Path program in 2018. What the MSA does is give us the opportunity to licence our Overlay+ platform to any Mastercard business globally,” John commented.

“It is the first step in a process, following which we agree to specific statements of work which outlines how Overlay+ will be used to address particular needs in their business. We look forward to providing an update on specific projects in due course,” he added.

Following the initial five-year term of the MVA, the contract auto-renews for one-year periods unless terminated by either party.

Identitii shares are flat at 19.5 cents at 10:20 am AEST.

ID8 by the numbers
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