Hi @speculativet
They had a look into it and below is their summary sent back to me.
This isn't my area of expertise so thoughts, comments, queries welcome.
I'm still looking into the financials and the technical's of the stock. Unless someone wants to point out a previous post to me that was valuable. TIA.
Identitii: ID8So they have a blockchain based payments system. Note: blockchain, but it’s not a cryptocurrency, but that’s the same underlying technology
However the key thing they are selling is a universal reporting tool that can wrap around banks existing systems.I’ll give an example:
Recently (started about 5 years ago) there have been lots of global (driven by USA and EU) requirements for banks to report data back to the govt, of course that needs to be in a standardized fashion.
Anti-Money Laundering(AML), Foreign Account Tax Compliance Act(FATCA) are two examples, I had some involvement in these projects at the bank I work for.
They were big and expensive to implement, reason being, is the data is in many different systems, so we could comply to AML reporting standards meant 10+ systems needed work (e.g. a project each). Very expensive
If we had ID8 reporting, it would wrap over all these systems and provide the data in the compliant standard. No doubt there would be a bit of work to implement the ID8 stuff into the bank to start with, but theoretically you’d only need to do it once.
So I used AML and FATCA as examples I’ve projects I’d seen in the past, what is key here is the future, because there are more and more of these reporting / standardization projects coming. ISO 20022 & GDPR on the horizon and what I currently work on, Consumer Data Right, aka Open Banking.
Some of these are global some are Aust only
If they could get their software into the EU it would be huge.
I didn’t know software like this existed, but it makes a lot of sense.
Some key things I've found while looking into them:
- They support SWIFT payments. Which are the same systems all banks use atm for sending money around, this is important, how that fits into the reporting tool I’m not sure. But the key thing here is they are using existing infrastructure, channels that banks already have up running and are well understood and established. This is a big big plus
- Good article with a real world example:
- “The company is backed by some of the wealthiest and best-connected people in business, including UBS banker Matthew Grounds, Latitude Financial chairman Mike Tilley and high-profile fund managers David Paradice and Phil King.” ←- not sure who these dudes are buy they sound important
- Nov 18, 2019 : ASX-listed fintech Identitii is planning to expand into Europe in the coming year. ← can’t find if they actually did
- Most SWIFT member banks have to be able to receive ISO-compliant messages by November 2021 with a full global send-and-receive by 2025. ← An example of more work that is coming in the future
- Australian company and want to stay that way, not sure if that means anything for share price on ASX
- Competitors - Skacktical, Finple, UMA.
- Forums
- ASX - By Stock
- Ann: Identitii Raises $1.9million to Further Extend Runway
Hi @speculativetThey had a look into it and below is their...
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