You need to forgot Bitcoin or cryto and even the focus on tokenisation. What they are focusing on is regtech space. They have an overlay product that sits ontop of a SWIFT payment. What this enables is unlimited instructions can be added to a payment. Currently you have limited ability to add payment information on a rail. This causes alot of issues if payment is held up and very hard to trace along the corresponding banking journey. This is run on the blockchain network. This really increases the visibility of payments. Add to this a product that is iso20022 compliant which is a new data standard that will be mandatory globally within 5 years. They have a product for this. They signed a deal with MasterCard to help them in the backend of MC own rails. One deal to look out so far 1.8 M signed over 5 years more deals to come from this potentially.
Ontop of this they are about to go live on a regulatory reporting software for reporting entities that need to report to AUSTRAC. That an overview of all your transactions in the one location that you can track collate and report to AUSTRAC. Noone has this product in the market and will be marketed to 15,000 institutions that need to report to austrac each yesr. Very important as firms can I'll afford to keep getting fines.
They are working across other things and will close bigger deals. The issue to date been around it takes 18 or so months to sign banks. they don't make decisions overnight. HSBC is being used in India they have signed a deal for Australia but have had some implementations issues delays due to covid. They also had a trial with R3 but that was also delayed should be this Q hopefully. This will enable many banks to trial the tech. They tried to get Westpac over the line and they ignored them.the.rest is history...... We all know what happened with the fines they got.
Personally preety bullish on this MC sub 25 million and big market to penetrate. Have cash for the next 12 months as a minimum just raised $6 to grow. Expect international growth in the next 12 months.
DYOR
Hi all.
I stumbled across this company in the latest Strawman email and was curious to learn more.
Identitii Limited (ID8) is an Australian financial technology (FinTech) company, based in Sydney. The Company uses blockchain and tokenisation to connect banks and businesses with the data they need to process, reconcile and report on payments to reduce last mile payment hold ups. - Business Summary from Westpac Onlne Trading platform.
Of course, I had next to no idea what this actually meant, so down the rabbit hole I went. Blockchain and tokenisation?? What?
From my research, to try and sum these up, it's a form of making illiquid assets liquid. It gives real tradeable assets a digital token, being able to easily buy or sell positions in them (for example, property). Furthermore, data is included on these tokens to give a history of previous ownership and the holders legal rights and responsibilities, to give transparency to each transaction.
I really like the sound of this, but have never heard of it. This is because (I think) it's a relatively new concept , and is something that is not yet widely practiced or regulated. This gives me Bitcoin vibes, and leads me to question that if tokenisation never really takes off, will Identitii last?
I'm also hoping someone can share more information on this company, as I don't exactly understand what last mile payment hold ups actually are and therefore why do places such as banks need this? Of course, anything stated here that isn't right please do correct me!
The tokenization of assets is disrupting the financial industry (deloitte.com) - article I read to better understand the concepts of what ID8 does.
Thanks for your time Strawmen and women :)