How they describe themselves: identitii allows financial institutions to exchange rich information between banks or branches with minimal change to legacy systems, and no replacement of settlement infrastructure. identitii’s token technology uses a distributed ledger to enable information sharing before and after financial messages have been sent. Tokens travel within traditional settlement messages including SWIFT, ACH and RTGS and also over emerging settlement technologies. identitii allows banks to move away from Know Your Customer level information to Know Your Transaction detail, with rich information about each and every transaction.
How they describe their product/innovation: identitii Serra is a permissioned, append-only, federated database built for the financial industry. Leveraging the best parts of DLT, relational and graph databases, it enables the secure and auditable exchange of information between financial institutions. Serra allows financial institutions to exchange rich payment information to their correspondent banks, attach regulatory documents to cross-border payments, and share invoices with their customers, amongst many other use cases where data integrity and auditable provenance is critical. Our goal is three things: to reduce the cost of compliance, speed up payment processing and open new revenue opportunities for banks.
Product distribution strategy: Product licensed; direct with financial institutions; white label through partners