- Identitii (ID8) signs a five-year software licence agreement (SLA) with multinational banking and financial service group Rabobank
- The agreement will see Rabobank Australia use Identitii’s cloud-hosted reporting platform to help further automate international funds transfer instruction (IFTI) reporting to AUSTRAC
- The SLA includes an annual recurring licence fee of $100,000 and an initial payment of $80,000 for professional service fees
- Robobank will be able to renew the contract for a further 12 months after the initial term
- Shares in Identitii were up 13.33 per cent to 5.1 cents per share as of 10:10 am AEST
Identitii (ID8) has signed a five-year software licence agreement (SLA) with multinational banking and financial service group Rabobank.
The agreement will see Rabobank Australia use Identitii’s cloud-hosted reporting platform to help further automate international funds transfer instruction (IFTI) reporting to AUSTRAC.
The SLA includes an annual recurring licence fee of $100,000 and an initial payment of $80,000 for professional service fees.
“Rabobank is a great example of a financial services organisation deploying increased automation for IFTI reporting to AUSTRAC,” Identitii CEO John Rayment said.
“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.”
Robobank will be able to renew the contract for a further 12 months after the initial term.
Shares in Identitii were up 13.33 per cent to 5.1 cents per share as of 10:10 am AEST.