HSBC and Identitii sign Licence Agreement for Blockchain powered Overlay+ Platform

Blockchain and Fintech startup Identitii announced a new licensing agreement with HSBC Bank Australia. As a part of this agreement, Identitii will provide blockchain-powered Overlay+ platform to HSBC Bank.

Founded in 2014 and headquartered in Sydney, Identitii uses blockchain technology and tokenisation to connect banks and businesses.

Overlay+ platform from Identitii claims to leverage existing technology infrastructure from banks and businesses to securely exchange documents and data (structured or unstructured) with the help of APIs. The platform leverages private blockchain network. Identitii tokens act as cryptographic keys and work as a unique identifiers.

Executive Opinion

Identitii CEO, Nick Armstrong, said, "We are very happy to announce that we have signed a new licence agreement for Overlay+. This is our second technology license with HSBC and it delivers on a key part of our growth strategy, which is deepening relationships with existing customers. It also represents the commercialisation of a new use case for Overlay+, which seamlessly integrates with existing systems to ensure compliance with regulatory reporting requirements".

More on the License Agreement 

The announcement from Identitii states tenure of expanded partnership for an initial five-year term. The minimum contract value is set to $511,600

This second license agreement for Identitii’s technology under its existing Global Framework Agreement (Global Framework Agreement) with HSBC Global Services UK Limited. Identitii will generate revenue with a combination of professional service fees and an ongoing monthly license fee.

Blockchain-based Overlay+ platform is expected to go live with HSBC Australia after Q2 of 2020, the announcement notes.