Identitii joins BIAN to help banks digitise information exchange using Blockchain
Identitii Limited (ASX: ID8), an Australian FinTech enabling the secure overlay of transaction-level detail on top of financial messages using a private blockchain, announce it has joined the Banking Industry Architecture Network (BIAN).
BIAN is a collaborative network of leading banks including ABN-AMRO, Nomura, Commonwealth Bank, Rabobank, Société Générale and UBS. In addition to banks, BIAN members include technology providers, consultants and academics including Accenture, Dell Technologies, Ernest & Young, Oracle, SAP, Swift and IBM.
BIAN membership allows Identitii to ensure its Overlay+ platform is compatible with BIAN standards, making it faster and easier for customers to integrate Overlay+ with existing technology systems also using BIAN. In addition, Identitii will work side by side with member banks and organisations, to define and develop the future direction of standards for the financial services industry – helping to align the strategic direction of the Overlay+ platform with the needs of current and future customers.
Overlay+ allows corporate banks and their customers to quickly and seamlessly adopt digital standards such as open banking, without costly technology infrastructure projects. It enhances internal legacy systems and payment networks, by overlaying them with a private blockchain that enables the secure, auditable and permissioned exchange of information related to payments and transactions. It also introduces an ecosystem of third-party applications that enable banks to access multiple value-added partner offerings, all from within the Overlay+ platform and API.
Nick Armstrong, CEO, Identitii said: “BIAN and Identitii share a similar goal, to help banks work smarter, digitise faster and provide a better more innovative service to their customers. We believe that one of the best candidates for this digital transformation is how corporate banks and their customers exchange information about payments. By ensuring our Overlay+ platform is compatible with BIAN standards, we are making it easier for our customers as they navigate transformation projects internally, as they are assured that the systems are interoperable. We feel privileged to join the BIAN community and look forward to working with them to help accelerate the adoption of new services and the speed of digital transformation in the industry.”
Hans Tesselaar, Executive Director, BIAN, said: “We welcome Identitii to the BIAN community and look forward to working together to help lower the cost of banking and improve the speed of innovation for the whole industry. Innovative FinTech’s like Identitii are vital to our success as they are helping our members and non-members realise digital solutions to some of their biggest challenges today. They also bring valuable skills and expertise to our working groups that further accelerate our goal of standardisation and of creating future-proofed solutions for the industry.”
Identitii enables corporate banks and their customers to transform how they exchange information related to payments and transactions. It uses a private blockchain to facilitate more accurate, faster and more transparent payments.
