Rabobank to adopt Identitii's platform for IFTI reporting to AUSTRAC

Identitii Limited (‘Identitii’, ‘the Company’) announce it has signed a five-year Software Licence Agreement (SLA) with the Australian arm of the Dutch led multinational banking and financial services group, Rabobank. Rabobank Australia will use Identitii’s cloud-hosted reporting platform, to help further automate International Funds Transfer Instruction (IFTI) reporting to AUSTRAC.

Commenting on the agreement, John Rayment, CEO of Identitii said, “I am thrilled to announce that we have signed a five-year licence agreement with Rabobank Australia. Rabobank is a great example of a financial services organisation deploying increased automation for IFTI reporting to AUSTRAC. I’d like to welcome Rabobank to the growing Identitii family and look forward to working closely with their team.

“We continue to see strong interest in our cloud platform in Australia and other global markets, as AUSTRAC and other regulators around the world push reporting entities to ensure AML/CTF processes meet stringent standards. This growing macro trend, together with other drivers including global adoption of ISO 20022, put Identitii in a prime position to capitalise on perhaps the largest program of technology change the industry has ever seen.

“The global financial services industry exercises considerable caution when adopting new technology, with significant momentum building over time once solutions are proven. Our new SaaS platform is breaking new ground in an industry where companies, customers and regulators are all looking for greater transparency.”

The five-year SLA consists of an annual recurring licence fee of $0.1M and an initial $80k payment for professional service fees for onboarding and customisation. Either party may terminate the agreement for any reason with 12 months written notice. Rabobank also has an automatic right of renewal for a further 12-month period at the end of the initial term.