The Massive Upside of ID8, page-38

jugheads - I suggest you are conflating two separate products or stages of development.

Identitii's land and expand strategy is comprised of firstly landing customers by offering to sort through legacy packages for transactions needed to be reported to AUSTRAC. The second stage, the expand stage, is intended to expand the customer base by offering services that assist in migrating to ISO20020 . You are right that the migration to ISO20020 is required by 2025. However the land stage, helping customers get their AUSTRAC reporting sorted, is hopefully happening now.

Identitii has managed to land several reasonable sized customers for their AUSTRAC services and the talk is that they have been fishing for some considerable time for a very player but it is taking longer than expected. To get around the wait they have developed a SaaS product aimed at the thousands of smaller fish that must report to AUSTRAC but cannot afford Identitii's full service. The head of marketing, the seemingly highly competent Clare Rhodes, has been tasked with landing these smaller fish and she indicated just prior to Christmas that there are lots of nibbles with tangible results expected early this year.

My own view is that for many of these smaller fish what Identii is offering to them is all a bit of a mystery: do they really want to risk p!ssing off AUSTRAC by relying on an unverified product? (Be nice if AUSTRAC set up a sandbox or even a safe harbour for anyone using the Identii SaaS product). I actually think that if Identitii lands this whale they have been chasing then a lot of the smaller fish will see that as a proxie due diligence process and decide to sign up.