Identitii, a fintech specialising in enabling a secure overlay of transaction level detail on top of financial messages, has launched Overlay+, its platform for enriching payments and corporate treasury transactions. The platform offers secure and real-time processing via a private blockchain.
“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,” says Nick Armstrong, CEO, Identitii. “Overlay+ enables our customers to provide an enriched and more transparent payments service to their own clients.”
What does Overlay+ do?
Identitii enables financial institutions and corporates to securely verify and share transaction level detail between counterparties. Overlay+ creates a path for verified information for exchange:
- within banks
- between banks
- between banks and corporate customers
- executed securely and in real-time using a private blockchain.
Born out of Identitii Serra, Overlay+ introduces significant functionality and customer experience enhancements for banks and corporate customers. It uses Identitii’s tokenisation approach to enable visibility into transaction level detail for:
- compliance
- faster settlement of exceptions.
The new features include:
- deep integration with Microsoft Outlook and other mail clients
- banks and corporates enabled to send or reply to requests for information via their email client (this avoids sending data over unsecure email channels)
- recipients being able to reply to a request for information generated by Identitii’s system – regardless of if they have their own instance of Identitii.
Robotic process automation
Overlay+ incorporates a real time data stream from robotic process automation (RPA) provider Blue Prism. This provides customers with:
- live monitoring
- an unalterable record of any automated activities that have formed part of the decision process
- integration with Dow Jones Risk & Compliance and global LEI databases
- simplified information gathering and search into a single system for sanctions checks, customer due diligence and AML and KYC compliance.
In effect, Overlay+ seeks to assist banks and their corporate customers to overcome key limitations in legacy technology which currently limit the amount of information that can be shared in a financial message. Enabling banks and corporate customers to verify and share documents and information related to a transaction:
- minimises false positives and manual investigations
- makes reconciliation faster
- decreases risk.
The end state should be that customers become more satisfied. Identitii believes this will open up new avenues for banks to grow their revenue and attract more customers.
Enterprise Times: what does this mean
Identitii’s platform uses blockchain technology to create an unalterable audit trail of activity. This simplifies KYC, as well as financial crime compliance, payments, cash management, document management and standards adoption. It is relevant for financial institutions, corporate customers and counterparties.
Three aspects interest. The first is that replies to messages originating from Overlay+ do not need to have Overlay++. Second, this is an example of private permissioned blockchain. Third, this shows how blockchain can be an addition – rather than the central issue that so many make it out to be.
