Identitii (ASX:ID8) - Co Founder, Nick Armstrong
Co Founder, Nick Armstrong
Source: The Market Herald
The Market Herald - At The Bell

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  • Identitii (ID8) and Mastercard have begun the first project under their five-year Master Services Agreement (MSA) executed in August 2020
  • The two companies have agreed upon a Statement of Work (SOW) for Mastercard to use Identitii’s Overlay+ platform to securely share financial crime compliance information
  • The platform is designed to support cross-jurisdiction transactions by enabling financial services businesses to request and securely share the information required in each jurisdiction
  • The company said the contract is worth a minimum of $783,673
  • ID8 shares are up 42.5 per cent in early morning trade, currently trading for 22.5 cents each

Identitii (ID8) and Mastercard have begun the first project under their five-year Master Services Agreement (MSA) executed in August 2020.

This agreement enables the Sydney-based company to sell its software and services to any Mastercard business globally.

The two companies have agreed upon a Statement of Work (SOW) for Mastercard to use Identitii’s Overlay+ platform to securely share financial crime compliance information.

The platform overlays existing infrastructure and is designed to facilitate cross-jurisdiction transactions by enabling financial services businesses to request and securely share the information required in each jurisdiction.

Identitii CEO John Rayment said the company is pleased to share its first Mastercard project which represents a validation of the Overlay+ platform.

“Mastercard will use Overlay+ to support secure information sharing over its cross-border payments network, simplifying financial crime compliance and streamlining payment operations,” John said.

“It is also an important validation of Identitii’s new strategy to connect financial services businesses with their global network of partners and customers, making it easier for them to ensure compliance with all jurisdictions and regulators, without replacing legacy technology,” he added.

The contract said to be worth a minimum of $783,673 for Identitii.

ID8 shares are up 45.2 per cent in early morning trade and are trading for 22.5 cents each at 10:33 am AEDT.

ID8 by the numbers
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