Identitii, the secure information sharing company enabling banks to better serve their corporate clients by accelerating transaction approvals, today announced the launch of its Software as a Service (SaaS) offering, now available on the Microsoft Azure cloud.
Banks are currently experiencing significant challenges as they face growing pressure from clients to deliver faster and more cost-effective payments, whilst ensuring extensive anti-money laundering (AML) and financial crime sanctions checks are performed. A lack of readily available payment information and extensively manual investigation processes have only served to further exacerbate these problems.
Identitii has launched its SaaS offering on the Microsoft Azure Cloud to help banks effectively address these challenges by enabling institutions to exchange all necessary payment details and documentation using highly secure tokenization and distributed ledger technology. This will now facilitate real-time payment verification over a range of existing payment networks and using Identitii’s tokens, banks can now quickly assess a payment’s intended purpose and requirements and really ‘know their transactions’ (KYT). This greatly reduces processing time and cost, improves client service levels, helps banks prepare for upcoming regulatory requirements and means that banks can work more effectively with an even wider range of international correspondent banking partners. Furthermore, Identitii’s flexible technology can be easily applied across many facets of the financial services industry, with multiple possible applications for the transaction of financial securities that will serve to improve efficiencies and ultimately banking profitability.
Since jointly winning the 2016 SWIFT Innotribe Industry Challenge on Compliance, which led to a pilot with 7 major banks, and the recent completion of a successful POC with one of the world’s largest international banks, Identitii has been exploring how it can effectively deploy its tokenization technology, with a particular focus on how it can do so in a manner that maintains a mutually beneficial and collaborative relationship with clients. Through Identitii’s new SaaS model, clients will be able to immediately access and start taking advantage of all product enhancements and upgrades as soon as they are released and request new features without running the risk of vendor lock-in or unnecessary price hikes for incremental improvements.
Identitii will unveil its new SaaS offering today at Sibos, by participating in a joint demonstration hosted on the Microsoft Azure Cloud platform showing how banks can share real-time payment information more effectively, enhance their AML intelligence and achieve faster payment investigations.
Commenting on the launch of Identitii’s SaaS application on the Microsoft Azure platform Nick Armstrong, CEO of Identitii stated: “We have chosen to deploy Identitii’s SaaS application on the highly robust and reliable Microsoft Azure cloud to enable banks to very quickly eliminate the considerable frustration experienced by so many of their corporate clients that find sending and receiving payments, the life blood of their organizations, excessively expensive and slow.”
Connie Leung, Senior Director, worldwide financial services, Microsoft, added: “We are delighted that Identitii has chosen Microsoft Azure to deliver their solutions with global scale, security and compliance, and we are pleased to be supporting RegTech businesses like Identitii that are at the forefront of advancing innovation in banking.”