Tech: Identitii scores partnership deal with Microsoft for its blockchain payments platform
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Fintech platform Identitii (ASX: ID8) has signed up to a selling agreement with Microsoft.
The deal will make Identitii a “co-sell ready” partner, which in turn gives it access to the tech giant’s huge base of financial services customers.
ID8 said it can then leverage that network to get exposure for Overlay+, its private blockchain product used to facilitate B2B and B2C banking transactions.
For listed Aussie fintechs, announcing the words “deal” and “Microsoft” in the same sentence has been the catalyst for some huge share price rallies this year.
The market had a cooler reaction to this morning’s announcement, with shares in ID8 unchanged at 45 cents, down from 60 cents at the start of May.
Identitii describes its Overlay+ service as a “secure and auditable platform, that uses a private blockchain and unique identifiers called Identitii Tokens to enable a faster, more transparent corporate banking ecosystem using existing technology infrastructure”.
The company developed the product in response to market demand for faster payment processes within an improved security framework.
The service already includes Microsoft Outlook email functionality, and Identitii says the deal will provide an opportunity to include the platform with the rest of the Microsoft Office product suite.
“Achieving ‘Co-Sell Ready’ status with Microsoft is an important step along the path of delivering our Overlay+ go-to-market strategy,” CEO Nick Armstrong said.
“Identitii has already demonstrated initial success in our direct sales approach however, to truly achieve global sales we plan to leverage larger partners.”
Security tech company Kollakorn Limited (ASX: KKL) provided an update on a collaboration with the CSIRO’s tech subsidiary Data61, in connection with KKL’s patented CertainID product. The company said it had achieved proof of concept for CertainID, after Data61 successfully integrated its biometric authentication technology with a separate iris-scanning system. Shares in KKL were up 20 per cent at 1.2 cents.
And Total Brain (ASX: TTB), which makes digital products used to improve brain function, has announced a key hire. The company said David Torrible, a former partner at Goldman Sachs in Asia, will join the board as a non-executive director. Shares in TTB were up 2.85 per cent at 2.7 cents.