Identitii (ASX:ID8) signs software license agreement Monoova

• Identitii (ID8) signs a software license agreement (SLA) with leading business-to-business (B2B) payments provider Monoova Global
• Monoova plans to utilise ID8’s cloud-hosted reporting platform to further automate and improve the ‘auditability’ of its reporting obligations to AUSTRAC
• Since 2017, Monoova’s proprietary payments platform has processed more than $72 billion
• The SLA provides $60,000 in annual recurring revenue to Identitii, and the contract will span an initial 12-month period with automatic 12-month renewals
• ID8 shares closed 4.35 per cent higher at 2.4 cents on Wednesday afternoon

Identitii (ID8) has signed a software license agreement with one of Australia’s leading business-to-business (B2B) payments providers, Monoova Global.

Under the deal, Moonova plans to utilise Identitii’s cloud-hosted reporting platform to further automate and improve the ‘auditability’ of its reporting obligations to AUSTRAC.

Monoova said it was committed to adding automation to its financial crime compliance operations.

Identitii CEO John Rayment said he was pleased to be partnered with one of the fastest-growing digital payments companies in Australia.

“Identitii’s software-as-a-service (SaaS) platform was built to accelerate revenue growth by enabling us to better target and rapidly onboard multiple, faster-moving payments companies who are themselves experiencing strong growth and need to ensure they can meet regulatory obligations as they continue to scale,” Mr Rayment said.

“Our relationship with Monoova validates that investment decision, and our pipeline reflects the increasing market demand for our solution among these types of organisations.”

Monoova helps businesses manage and monitor large, ongoing payment transactions automatically through API integration.

Since 2017, Monoova’s proprietary payments platform has processed more than $72 billion.

The SLA will provide $60,000 in annual recurring revenue to Identitii, and the contract will span an initial 12-month period with automatic 12-month renewals.

ID8 shares closed 4.35 per cent higher at 2.4 cents on Wednesday afternoon.

NOTE: A previous version of this article stated the contract would provide $60 million in annual recurring revenue to ID8. This was an error; the correct figure is $60,000.