Mobile Payments Security Operation Identitii Hits ASX

The Asia-Pacific market is proving fertile ground for mobile payments and other fintech. Evidence of this was recently sent our way from Identitii, who detailed its new arrival on the Australian Securities Exchange (ASX), a move which already allowed Identitii to raise some impressive new capital.

Identitii’s debut featured 14,666,666 shares issued at an undiluted market cap at listing valued at $40 million, the reports noted. This actually came after an $11 million raising at $0.75 a share, giving Identitii some serious firepower going forward.

With the new cash in hand, Identitii plans to further improve its platform as it makes a greater push on marketing and developing the business. It’s already taken some important steps toward that goal with new hires. Identitii now has a new Chief Commercial Officer in Mark Garvie, who lived and worked in Hong Kong for most of his career and will provide vital perspective on much of the world. Additionally, Identitii also has a new Chief Marketing Officer in Clare Rhodes, who has been developing financial services and fintech operations in several different countries.

Identitii offers a secure communications system for banks, which allows more information to be sent via standard messaging systems. Legacy systems limit the amount of information that can be sent out in this fashion, which means a lot of tedious manual verification that slows down the system to better comply with security measures.

Such a system would likely help speed up a lot of banking elements while maintaining security, a move that should prove welcome for everyone involved. By speeding up verification options, payments can be accelerated and the whole system can move along much faster, getting more done in the same amount of time. The notion that such results can be accomplished just by changing a messaging system might seem too simple to be true, but sometimes that’s how it works. It goes back to an old theory known as the bottleneck, where there’s one point in the system that slows down the overall flow.

In the end, Identitii may have improved on a bottleneck point of the financial system, and in the process, sped up payments throughout the system, a better outcome for all users.