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Highlights
- Identitii is charging ahead with a major agreement with Rabobank.
- The deal allows Rabobank Australia to utilise Identitii’s cloud-hosted SaaS platform.
- The agreement has an annual recurring licence fee of AU$0.1 million.
Shares of Identitii Limited (ASX:ID8) soared over 22% to AU$0.055 during afternoon trading hours on 16 June 2022. The uplift was triggered by a company update on a licence agreement with Rabobank.
Identitii has signed a five-year Software Licence Agreement (SLA) with the Australian arm of Rabobank, a Dutch-led multinational banking and financial services group.
Identitii specialises in assisting regulated entities with reducing their exposure to regulatory risk without replacing existing technology systems.
A Snapshot of the Terms of Agreement
Under the contract, Rabobank Australia will utilise Identitii’s cloud-hosted reporting platform to aid in further automating International Funds Transfer Instruction (IFTI) reporting to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Data source: company update
Strong interest in ID8’s SaaS platform
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.”
Identitii has been witnessing strong interest in its cloud platform in Australia and other global markets. The traction is in line with the goal of AUSTRAC and other international regulators, requiring reporting entities to ensure AML/CTF processes meet stringent standards.
Besides this trend, drivers, including the global adoption of ISO 2022 have placed Identitii in a sweet spot to cash in on possibly 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,” Rayment stated.
Also read: Why are FCT, X2M hitting the headlines in ASX technology space?
