Solutions
Solutions for Regulatory Reporting
Know Your Transaction
Reporting will never make you money
But how you collect, store and share transaction data with regulators - including AUSTRAC - can reduce the compliance burden
Reporting powered by Overlay+
Manage the increasing volume of transaction data required by regulators using blockchain and tokenisation, without impacting core systems
Know Your Transaction
Collect and collate transaction information, with data and documents able to be securely stored on the blockchain
Single, shared source of truth
Bring data and documents from internal systems and external sources together for a single view of activity
Improved case management
Quickly resolve exceptions and trace both submitted reports and past transactions via an auditable timeline
Auditable and timestamped
Create an auditable and unalterable record of all transaction data and associated activity using blockchain and tokenisation
How it works
Blockchain and tokenisation enhance existing reporting systems and ensure you have the information you need about any transaction, when you need it. And that all transaction data can be securely shared internally or to third parties as required.
Benefits
Collect, store and securely share transaction data internally or with regulators in real-time.
- Improved accuracy of reporting
- Reduced cost of compliance
- Eliminate the need for multiple custom reports
- Single source of truth
- Improved transactional visibility
- Auditable and timestamped record of activity
Use Case
More accurate IFTI and TTR reporting for AUSTRAC
Banks that conduct business in Australia are required to report transaction data to AUSTRAC under its mandate to reduce financial crime.Â
Today, this often requires sourcing data from disparate systems internally to gain a complete picture of a transaction, and with volumes continuing to increase, the burden of reporting will only get higher.Â
Reporting, powered by Overlay+ simplifies AUSTRAC reporting for the 14,000 entities required to provide International Fund Transfer Instructions (IFTI) and Threshold Transaction Reports (TTR). It overlays on top of existing technology systems to create a single, srhead source of truth for transaction data, reducing operational costs and simplifying reporting.
Key Features
From any data source to your internal systems and onwards
Secure
Identitii Tokens permission access and reduce high risk touch points
Trusted
Real-time
Transaction data is available when you need it
Single API
Easy integration with existing systems for seamless reporting
Intelligent Integrations
An agile digital workforce that frees your best people to focus on high value task
Easily and securely request information from third parties via Identitii’s plugin for Microsoft Outlook
Turn unstructured data into structured data records on the private blockchain
