HSBC signs new license with Australian fintech Identitii
HSBC has signed a new license agreement to provide Identitii’s Overlay+ platform to its Australian customers.
This new license comes after HSBC partnered with Identitii in June to launch a Digital Accounts Receivable Tool (DART).
The expanded agreement is for an initial five-year term with a minimum contract value of $511,600, which could be extended. Termination clauses are consistent with the current HSBC Global Framework Agreement with Identitii.
Nick Armstrong, Identitii CEO, said: “We are very happy to announce that we have signed a new licence agreement for Overlay+. 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+. This seamlessly integrates with existing systems to ensure compliance with regulatory reporting requirements.”
Revenue for the new license will be generated through professional service fees for upfront technology implementation work. There will also be an ongoing monthly license fee.
The implementation work is expected to be completed in Q2 2020. Following this, Overlay+ is expected to go live with HSBC Australia.
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