You never forget your first, and neither will financial compliance tech company Identitii (ASX: ID8) which has hit the ground running with the newest fintech software, Overlay+, which has opened the door to a new stream of SaaS revenue.
The tech aims to simplify and automate financial crime compliance by making it easier to access and share the necessary information required for due diligence internally, as well as submit complete and accurate regulatory reports.
This vigilance amongst financial regulators in Australia has been heightened in recent months by the money laundering exploits of Crown Casino that is likely to cost them their casino licence, the $1.3 billion fine issued to Westpac last year and the $700 million fine issued to Commonwealth Bank in 2018.
Overlay+ as a SaaS solution represents an expansion of addressable markets for Identitii’s tech. Over 14,000 non-bank AUSTRAC reporting entities in Australia can now integrate and use the Overlay+ software for complete regulatory compliance with payments processing company Novatti Group (ASX: NOV) signing on a 3-year deal valued at $180,000.
CEO of Identitii John Rayment said: “Introducing SaaS functionality for Overlay+ is an important part of our product roadmap, as it opens entirely new market segments and additional revenue streams for Identitii. We are thrilled to announce both this new functionality and the first customer to use it, as we announce a three-year licence agreement with Novatti.”
As the first company to sign on for Overlay+, Novatti has demonstrated their enduring commitment to compliance and transparency.
Peter Cook, Managing Director of the global payments company commented saying: “This new partnership with Identitii highlights Novatti’s commitment to a strong compliance base. Working with Identitii further strengthens our AUSTRAC compliance reporting and operations, enabling Novatti to efficiently scale our business and provides our innovative fintech partners with further confidence in providing new products and solutions to market.”
Identitii is keen to explore further market opportunities in segments such as money transfer, casinos, super funds, insurance and foreign and crypto currency exchanges.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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