- Identitii Limited (ID8) will run a global, multi-bank trial of its Overlay+ ISO 20022 solution to expand the benefits
- The trial is expected to begin in Q3 FY20 and run for seven weeks
- Identitii’s solution helps banks convert cross border payment messages from the old messaging standard to the new standard
- Identitii’s share price is currently steady with shares trading for 37 cents apiece
Identitii Limited (ID8) will run a global, multi-bank trial of its Overlay+ ISO 20022 solution to expand the benefits of it.
The Overlay+ ISO 20022 CorDapp trial is expected to take place in Q3 FY20 and run for seven weeks enabling multiple financial solutions to evaluate the solution on R3’s Corda Enterprise blockchain.
R3 participants will be able to explore the benefits of Identitii’s solution in a quick and cost-effective manner.
The solution helps banks convert cross border payment messages from the old messaging standard, known as MT, to a new mandated standard, called ISO 20022, using existing systems without the risk of data loss or truncation.
“The ISO 20022 migration is a big problem for banks today, compounded by some very tight deadlines for adoption,” R3 Chief Risk Officer Cathy Minter commented.
“The use of blockchain to solve these issues is unique among the solutions available today and we are delighted to be supporting Identitii in this capacity,” she added.
Participants in the CorDapp trial will individually Identitii’s Overlay+ ISO that uses enterprise distributed ledger technology running on Corda.
The trial will replicate real-work cross-border payment scenarios which will allow Identitii to demonstrate the benefits of the solution to a large pool of engaged financial institutions from R3’s ecosystem.
The company will generate non-material revenue from each financial institution participating in the trial and based on previous CorDapp trials, it is expected that more than 50 banks will participate.
“The deadlines for migration to ISO 20022 are varied across the globe, but in key areas such as Europe and Thailand, banks are proactively searching for solutions to these issues today,” Identitii CEO Nick Armstrong said.
“This is a perfect opportunity for Identitii to reach a large audience of prospective customers in a short timeframe, and we look forward to showcasing the power of Overlay+ ISO to R3 participant banks,” he added.
Identitii currently views this trial with R3 as non-material, as revenue that may be generated by the trial cannot be quantified at this time.
Further information will be provided to the market as it becomes available.
Identitii’s share price is currently steady with shares trading for 37 cents apiece at 1:32 pm AEDT.