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."