John Rayment, the CEO of Identitii (ID8: ASX), sat down with us last week for a special live investor briefing. He provided an update on the company, how the company can assist with the inaccuracies of information needed to process and report on financial transactions when incomplete or even missing, and why he believes Identitii is a good investment.

Identitii is an Australian Fintech company that listed on the ASX in October 2018 and although it may be young, it is making impressive strides in its quest to reduce financial crime and make it easier for everyone, anywhere to access financial services. 

“The majority of financial institutions around the world are still using technology that is decades old,” John said. “More often than not there are a collection of hundreds of individual systems that don’t communicate with each other and certainly don’t make it easy to get a single view of all their transaction-level information.” 

The legacy technology challenge means that collecting and sharing missing financial information today is often done via email, Excel or even fax. This increases risk and costs for financial institutions and can be a frustrating customer experience, especially when payments are held up for investigation before funds can be approved for release.

The way Identitii seeks to address these problems is by creating a global network for financial information that works with technology systems which financial institutions already have in place, enabling more information to move securely and easily. This platform is called Overlay+ and it is improving the integrity and security of millions of pieces of financial data. The key benefits for financial institutions include:

• Faster settlement of payments
• Stronger financial crime compliance
• Better customer experience
• More accurate reporting to regulators (such as AUSTRAC)
• Improved data security and auditability
• Lower operational costs
• Fewer manual processes

“Perhaps the biggest benefit is that […] banks can upgrade the amount of transactional level information their customers and regulators are requiring without many of the risks they would face if they tried to replace or update their existing systems”. 

You can watch the full presentation below:

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Recorded on 3 June 2020 at 12pm.