Identitii Follows Up ASX Debut With New Mobile Payments Technology

October 23, 2024         By: Steven Anderson

Identitii has been on a tear lately. Not only did they drop word our way about their new status on the Australian Securities Exchange (ASX), but now, they dropped word about something completely different. Now, they’ve released a whole new product on top of their ASX move: Overlay+.

Overlay+, according to the word from Identitii, is a direct path for users to send and receive verified information securely. It uses a private blockchain to transmit the messages, using a tokenization system to add extra visibility to make settlement faster and more accurate. Plus, it more closely complies with various regulations as needed. It uses a real-time data stream from Blue Prism, which is a major name in the robotic process automation (RPA) market, and also draw information from the global LEI database and Dow Jones Risk & Compliance for added value.

When banks use the Overlay+ system, they get that much better of a chance to meet the standards of customer due diligence, Anti-Money Laundering (AML), Know Your Customer (KYC) principles and sanctions checks.

Identitii CEO Nick Armstrong noted “Banks and Corporate Treasury departments are looking for ways to improve the service they provide to customers, and the enhancements we are launching with Overlay+ are driven by our customers need to streamline their operations and simplify compliance. Overlay+ enables our customers to provide an enriched and more transparent payments service to their own clients.”

Such a system would likely go a long way toward allowing businesses to effectively communicate while at the same time preserving security. It’s one of the inevitable problems involved in any system; in order for the system to actually be usable, a security breach must be created. Granted, it’s a required, necessary breach that’s done on behalf of trusted users, but it’s a breach nonetheless. Overlay+ allows that breach to be better protected, making it useful without having to compromise security.

It will be interesting to see how many banks and financial services organizations take Identitii up on its offer, but those who do are likely to come out ahead in the end with more ready sources of communication available.