- Identitii (ID8) signs fellow ASX-lister Novatti (NOV) as its first Overlay+ customer under a three-year deal worth $180,000
- Under the software agreement, Novatti is set to licence Overlay+ software as a service (SaaS) to streamline and automate AUSTRAC reporting
- ID8 said the SaaS functionality for Overlay+ is part of the company's product roadmap and could open new market segments and additional revenue streams
- Novatti's Managing Director says the partnership strengthens its AUSTRAC compliance reporting and operations, enabling efficient scaling of business
- Shares are trading 11.4 per cent lower at 7 cents apiece at 3:14pm AEST
Identitii (ID8) has signed on fellow ASX-lister, Novatti (NOV) as its first Overlay+ customer under a three-year deal worth $180,000.
Under the software agreement, global payments company Novatti is set to licence Overlay+ software as a service (SaaS) to streamline and automate AUSTRAC reporting.
ID8 said the introduction of the SaaS functionality for Overlay+ is part of the company's product roadmap and could open new market segments resulting in additional revenue streams.
Specifically, the company notes that with more than 14,000 non-bank AUSTRAC reporting entities now able to use Overlay+ for reporting needs, and similar opportunities in other global markets, the company could significantly expand its total addressable market.
ID8 is also encouraged by new market segments such as money transfer, casinos, super funds, insurance companies, foreign and crypto currency exchanges accessing its cloud platform.
The company believes that with shorter buying cycles, these new segments will deliver faster and more linear revenue growth, supporting the long waiting periods between larger contracts with banks.
Novatti's Managing Director, Peter Cook said the new partnership with Identitii highlights Novatti's commitment to a strong compliance base.
"Working with Identitii further strengthens our AUSTRAC compliance reporting and operations, enabling Novatti to efficiently scale our business and provides our innovative fintech partners with further confidence in providing new products and solutions to market."
The three-year deal will be reviewed annually and either party has the right to terminate the contract for any reason.
Shares were trading 11.4 per cent lower at 7 cents apiece at 3:14pm AEST.