Australia Fintech Open Banking

Tech: Identitii takes its tech for a test drive with Standard Chartered Bank (Sam Jacobs,

Fintech platform Identitii (ASX:ID8) is now collaborating with $22.7 billion market cap Standard Chartered Bank.

The two companies will commence an eight-week pilot run for Identitii’s Overlay+ data sharing platform at Standard Chartered’s Singapore office.

The project will also be embedded within the Symphony platform, a communications network backed by a consortium of major global banks (including Standard Chartered).

In September last year Symphony completed a $US300m Series D funding round, giving it an implied valuation of $US1.1bn.

Identitii said its Overlay+ technology will be applied to the Symphony platform, “creating a single, trusted path for information to flow between corporate clients and the bank.”.

Identitii will derive “non-material revenues” from its participation in the pilot program.

CEO Nick Armstrong said the eight-week program will give the company an opportunity to demonstrate how Overlay+ can enhance a company’s existing tech platforms around secure communications and data sharing.

The company also provided an update on its work around Australia’s new Open Banking framework, which is scheduled to go live in February. Back in September, Identitii was one of 10 companies chosen by the ACCC to test the new ecosystem’s operational infrastructure.

Identitii said testing has now commenced, and it is “currently applying for accreditation to become one of the first companies to access open banking data in Australia”.

Shares in the company were unmoved in morning trade, and the stock remains well off its February highs of around 70 cents.

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