B2B Payments

Identitii Joins Australian Banking Group BIAN To Boost Digitization

Identitii Joins Australian Banking Group BIAN

Australian digital identity management technology firm Identitii is joining a group of the nation’s largest banks to boost efficiency of digitizing data exchange for its financial institution customers.

Reports in Australian FinTech said Identitii is joining the Banking Industry Architecture Network (BIAN), a group of banks that include Rabobank, Commonwealth Bank, UBS, Société Générale, ABN AMRO and Nomura, to ensure that Identitii’s platform complies with BIAN standards for easier adoption.

BIAN also includes technology providers and consultants including Dell, Accenture, SAP, SWIFT, IBM and Oracle, reports noted.

Identitii will ensure that its Overlay+ platform complies with the group’s standards for more seamless integration of its technology, allowing banks to transmit data quickly, securely and compliantly. The tool deploys blockchain technology to enhance the movement of information via banks’ existing infrastructures.

Reports noted Identitii’s participation in the group also means the company will help members build out future standards for Australia‘s financial services sector.

“BIAN and Identitii share a similar goal: to help banks work smarter, digitize faster and provide a better, more innovative service to their customers,” said Identitii CEO Nick Armstrong in a statement. “We believe that one of the best candidates for this digital transformation is how corporate banks and their customers exchange information about payments.”

Ensuring Overlay+’s compatibility with BIAN standards means banks can more seamlessly develop and adopt new projects and transformational efforts, he added.

In another statement, BIAN Executive Director Hans Tesselaar said Identitii will help the group “lower the cost of banking and improve the speed of innovation for the whole industry.”

“Innovative FinTechs like Identitii are vital to our success, as they are helping our members and non-members realize digital solutions to some of their biggest challenges today,” he said. “They also bring valuable skills and expertise to our working groups that further accelerate our goal of standardization and of creating future-proofed solutions for the industry.”

——————————

PYMNTS LIVE TV: POWERING THE DIGITAL SHIFT | MAY 18-22, 2020

Five days of intimate interviews and streaming TV shows ‘starring’ the smartest people in payments.
The economy is slowly reopening on a changed world where “business unusual” is now just “business.” Tune in as PYMNTS CEO Karen Webster and special guests from across the payments universe ditch “digital optional” and bring on the digital-first engagements buyers and sellers really want. Join experts in a series of live conversations rethinking business models, customer experiences, payments choice, verticals…everything.

TRENDING RIGHT NOW