Copy link
Increase text size
Decrease text size
Link copied

HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’

Tue, 20 Aug 2019, 12:12 pm UTC

HSBC Bank Australia has signed a new license agreement with Australian fintech startup Identitii to tap the latter’s intelligent information exchange platform, Overlay+.

Launched in October 2018, Overlay+ enables peer-to-peer communication of any type of data or documents between parties and to regulators securely and in real-time using a private blockchain. It uses Identitii’s tokenisation approach to enable visibility into transaction-level detail for compliance and faster settlement of exceptions.

Importantly, Overlay+ sits in the application layer and seamlessly integrates with existing systems via API, thereby helping to avoid “rip and replace.”

According to the press release, this is the second license agreement for Identitii’s technology under its existing Global Framework Agreement with HSBC Global Services UK Limited. In June, HSBC launched the Digital Accounts Receivable Tool (DART), developed using Identitii’s tokenization technology, for its corporate clients in India.

“This is our second technology license with HSBC and it delivers on a key part of our growth strategy, which is deepening relationships with existing customers. It also represents the commercialisation of a new use case for Overlay+, which seamlessly integrates with existing systems to ensure compliance with regulatory reporting requirements,” Identitii CEO, Nick Armstrong said.

As per the details, the expanded agreement is for an initial term of five years, with a minimum contract value of $511,600 with scope to be extended. Identitii said that the license will generate “material revenue” for the company through a combination of professional service fees for upfront technology implementation and an ongoing monthly license fee.

The company expects the implementation to be completed in Q2 2020 and said that the Overlay+ platform is expected to go live with HSBC Australia thereafter.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,665.65 (+0.56%)
  • Ethereum (ETH) $259.77 (+0.43%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $377.33 (-0.44%)
  • Bitcoin SV (BSV) $290.06 (-2.19%)
  • Bitcoin (BTC) $9,665.65 (+0.56%)
Feb 21, 2020 (Friday)
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
12:17
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
11:39
IRS invites crypto firms to discuss cryptocurrencies and related issues
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:39
Banking giant Citi backs blockchain trade finance network Contour
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft