Identitii commences phase two with HSBC
Identitii Limited (ASX:ID8), the FinTech company enabling banks and corporates to securely exchange intelligent information in real-time, is pleased to announce further engagement with global tier one bank, HSBC Global Services (UK) Limited.
Following the successful completion of phase one of its project with HSBC, a customer since 2017, Identitii has commenced work on phase two of the project under the existing Framework Agreement. Phase two will deliver additional functionality to support HSBC’s plans to roll out Identitii’s solution into multiple geographies. Identitii also expects phase two to drive increased consumption of data points (transactions) across its platform. Initially, phase two will generate additional revenue of up to US$480,000 for Identitii. The work will be conducted across a number of stages over a two year period, with incremental billing and associated termination terms. As further work is completed, Identitii will earn additional consumption (transaction) fees based on usage.
Commenting on the contract, Nick Armstrong, CEO of Identitii said: “The commencement of phase two of Identitii’s project with HSBC is the culmination of some really innovative work, from both HSBC and Identitii. We are pleased to report that the project is delivering some great results and we look forward to continuing to extend these benefits to HSBC’s customers.”
“Today’s announcement validates and is consistent with our land and expand strategy for driving customer revenue growth.” Mr Amstrong said.
Typically a bank will purchase a single licence earning Identitii a fee of between US$250,000 – $500,000. A large bank could further purchase multiple licences for various geographies or different use cases of Identitii’s platform.
Identitii is pleased to announce this revenue growth and will continue to provide updates based on both an expanding customer base and partnership model, which will continue to drive increased consumption (transactions) through the platform.