Solutions
Reducing Financial Crime
Know Your Transaction
Solutions To Improve Financial Crime Compliance
US $2 trillion is laundered through the financial system every year. To reduce financial crime and avoid costly fines, banks must share more information internally and with trusted third-parties. But email and fax are risky and legacy infrastructure doesn’t allow information to be exchanged securely at the time of a transaction. Identitii’s Overlay+ enables Know Your Transaction for banks and corporates using a private blockchain and tokenisation.
Solutions to Reduce Financial Crime
Know Your Transaction
Settle faster thanks to information on the purpose, origin and beneficiaries of a transaction being available when you need it
Anti-money laundering
Have confidence in the transactions you do, not just who you transact with. Open up new banking channels thanks to increased visibility
Fraud and risk reduction
Overlay+ has created an ecosystem of best in class technology partners that allow sanctions checks and document verification from within the platform
How it works
Identitii Tokens cryptographically represent data, travelling with a transaction over existing payment networks
Benefits
Go beyond KYC to enable the secure sharing of information about the origin, purpose and beneficiaries of a transaction at the time it is made.
- Eliminate high risk data exchange channels such as email
- Enhance existing infrastructure with a single API
- Expand your banking channels thanks to additional insight
- Securely share purpose of payment information
- Conduct sanctions checks from within Overlay+
- Reduce manual investigations and payment exemptions
Key Features
From any data source to your internal systemsÂ
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 compliance value chain
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
Use Case
Open new banking channels with KYT
Correspondent banks execute transactions on behalf of customers of other banks, making them reliant on the KYC processes of their banking partners. This lack of visibility has traditionally meant some banking partners are off limits, as their KYC processes may differ from your own. Overlay+ goes beyond KYC, to provide confidence in the origin, purpose and beneficiaries of a payment. Identitii calls it Know Your Transaction.
With more visibility into transaction level detail, banks can have more confidence in their correspondent banking partners, allowing them to open previously unavailable channels for their customers.​
