Australian software company Identitii (ASX: ID8) has secured a minimum $783,000 contract with global credit giant Mastercard to help streamline financial crime compliance in cross-border payments.
The new deal follows on from a five-year Master Services Agreement signed in August which enabled the blockchain-focused company to sell and work with any Mastercard business across the globe.
Under the terms of the deal, Mastercard will use Identitii’s Overlay+ platform to enable the secure sharing of information across its account-to-account network, simplifying financial crime compliance and streamlining payment options.
Identitii chief executive officer John Rayment said the company is pleased to commence its first project with Mastercard.
“[This is an] important validation of our new strategy to connect financial services businesses with their global network of partners and customers,” he said.
“We make it easier for them to ensure compliance with all jurisdictions and regulators, without replacing legacy technology.”
Structure and transparency
Overlay+ is an intelligent platform designed to bring structure and transparency to financial data, making it easier to identify, search and share information as it is needed to reduce settlement times and improve reporting compliance.
As its name implies, the platform overlays existing and emerging infrastructure to enhance functionality without the need to “rip and replace” and bridges the growing gap between demand from regulators and the capabilities of legacy technology.
Identitii said the system is secure and user-friendly, combining the latest encryption standards and integration with existing communication channels to create a secure and auditable path for information.
Global money laundering and terrorist financing watchdog Financial Action Task Force has established international standards targeted at the prevention of illegal activities and the harm they cause to society, but every regulator implements them slightly differently.
Overlay+ helps standardise the information required to process transactions across jurisdictions, by enabling financial services businesses to request and share the information needed by each and every jurisdiction in which it works.