Solutions
For Enhanced Payments
Know Your Transaction
Solutions To Enrich Payments With Data And Documents
Manual processing and payment investigations cost banks US $120 million per day. Existing payment rails do a good job of settlement, but don't allow information about the purpose of a payment to travel with a message. By overlaying a private blockchain and Identitii Tokens on top of existing and emerging payment networks, more information can travel with a message, allowing faster settlement and reducing manual processing.
Solutions to Enhance Payments
Legacy overlay
Enhance the payment rails with Know Your Transaction information overlaid on top of existing infrastructure, speeding up settlement and reducing financial crime
Correspondent banking
Provide an unalterable, tamper-proof audit trail of activity across existing infrastructure, ensuring more confidence in every transaction
Know Your Transaction
Settle faster thanks to information on the purpose, origin and beneficiaries of a transaction being available when you need it
How it works
Identitii Tokens cryptographically represent data, travelling with a transaction over existing payment networks
Benefits
Securely share rich information about a payment internally or with trusted third parties
- Faster settlement thanks to readily available information
- Open previously unavailable banking channels
- Make existing technology meet today's needs
- As needed information on purpose, origin and beneficiary
- Improve time for sanctions and AML investigations
- Up to US $15 million annual savings per bank
Key Features
From any data source to your internal systems
Secure
Identitii Tokens permission access and reduce high risk touch points
Trusted
Real-time
Share documents at the time a transaction is made
Single API
Third party integrations unlock the payments value chain
Intelligent Integrations
An agile digital workforce that frees your best people to focus on high value tasks
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
Use Case
Enhance the payment rails​
Legacy payment networks like SWIFT, ACH and RTGS aren’t going anywhere. They are embedded in banking architecture and play their role, to move payments from one place to another, well.
The lack of information travelling with a payment however, results in up to 8% of SWIFT payments being held up for manual investigations, costing banks US $120million a day.
Identitii’s Overlay+ was built to enhance existing payment rails, so banks don’t have to rip and replace, but can still benefit from information related to a payment travelling with the SWIFT message. This means faster settlement, less false positives and less manual processing.
