Identitii appoints payments industry veteran as Head of Product

Identitii appoints payments industry veteran as Head of Product

Identitii Limited (ASX:ID8) announce the appointment of Patrick Vu as its Head of Product. Patrick has been designing and developing payments and foreign exchange (FX) products for financial services businesses around the world for over 20 years.

Patrick spent the past 13 years with Western Union Business Solutions (WUBS), where he held a number of senior positions focused on international payments and FX. During his time as WUBS’s Global Director Product Management, Patrick was responsible for defining, developing and executing the company’s global product strategy that enabled banks, credit unions and MSBs to adopt WUBS’ FX and payments solutions around the world.

Prior to WUBS, Patrick spent eight years at Sun Microsystems as a Business Analyst and IT Consultant, leading the design and implementation of systems and process solutions to meet the regulatory requirements of various legal entities globally.

Patrick’s appointment provides Identitii with additional resources as it strives to meet  increasing demand for products based on its market leading platform that helps regulated entities put the power of payments data at their fingertips, making it easier to facilitate cross-border payments and automate financial crime compliance.

As Head of Product, Patrick’s role at Identitii will see him take responsibility for global product development. He will be charged with designing solutions that enable financial services businesses to harness payments data from multiple systems and in any format and automate key manual processes that currently hold up payment processing and regulatory compliance. Patrick’s broad-based experience with remitters, money-service businesses (MSBs) and credit unions will give Identitii a competitive edge as the Company expands its platform to support regulated entities of all sizes, many of which come with their own unique payment information requirements.

Joe Higginson, Chief Commercial Officer, Identitii, said, “The payments industry is rapidly evolving: There is a huge opportunity for financial services business, with global cross-border payments expected to reach US$156 trillion in 2022, as well as a number of challenges, including the global adoption of ISO 20022 and increasing compliance requirements.

Patrick’s appointment comes as Identitii ramps up product development capabilities to address these needs and support increasing demand for our financial crime compliance platform. His payments industry knowledge and experience working with a wide range of payment participants will help us deliver on our growth and expansion ambitions to support regulated entities with a range of different payment information requirements.”

Commenting on his appointment, Patrick Vu said, “I’m really excited to join Identitii at this point in its growth journey. The Company’s platform is already contributing to the digitisation of the global payments industry, which has been hamstrung by clunky and error-prone manual processes for years. I recognised in Identitii a unique way to help our customers address these problems and look forward to helping develop product offerings that meet the unique payment information requirements of regulated entities of all sizes.”