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Identitii - Ben Buckingham

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Page 1: Identitii - Ben Buckingham

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Lack of information exchanged by legacy messaging & bank systems is increasing cost and slowing down transactions

Banks capture

limited information

Banks provide

limited information

Beneficiaries

receive limited

information

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identitii has developed a token that links legacy systems to provide enriched information for every transaction

Messages can be

pre-validated

between parties

Transaction messages

can be linked & tracked

across institutions

Documents &

attributes can be

attached to

messages

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identitii’s tokens use a secure, private distributed ledger to create an information layer for payments and securities messages

Irrefutable and

immutable

Decentralised and

resilient

Enables trusted

exchange of

information

Interoperable with

legacy systems

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identitii’s product suite has features to assist financial institutions

Enriched messages with

detailed transaction attributes

Secure, trusted document

exchange between institutions

and branches

Manage privacy and permissioning

of complex data sets

Track and trace functionality

across payment and transaction

lifecycle

Multi-channel API for real-time

connectivity

Globally unique identitii token

enabling interoperability

between systems

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identitii has a range of solutions for financial institutions

Trade & transaction document management

Financial crime compliance & payment operations

Receivables, payables & e-invoicing

Securities message tracking & enrichment

In-development

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identitii successfully concluded a Pilot with SWIFT and 7 banks in March 2017, following the SWIFT Innotribe Industry Challenge on Compliance

Sponsor: Objectives:

• Reduce time for sanctions & AML

investigations

• Reduce Requests for Information between

correspondents

• Reduce risk by creating a tamperproof record

of activity with no scrubbing or altering of

records

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identitii’s platform brings new innovation for sharing of information over the top of existing payment rails

Attach unstructured information

and documents to payments

Enable document and attribute

level permissioning for access

to information

Create auditable historical

record of transaction backed by

cryptographic proof

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identitii demonstrated a range of features that can be used in correspondent banking

Pre-validate account information

and fees & charges before

transaction is sent

Request additional documents

or attributes

Enable rule sets for document

or attribute requirements for

payments

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identitii & SWIFT are exploring the use of identitii’s technology to solve key pain points in Securities

MT565: Instruction Account Servicer Account Holder

MT564: Notification

Pain points:

• No consistent ID used for

Corporate Actions; COAF

has limited market practice

• Difficult to track events

& messages

• PDFs and documents

cannot be sent with

corporate actions;

document must be

retrieved separately,

creating operational

inefficiency

Corporate Actions

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identitii’s technology could be used for the enrichment and tracking of Corporate Actions

MT565: Instruction Account Servicer Account Holder

MT564: Notification

Track messages and send (e.g.)

• Tax forms

• Beneficial holder schedules

Areas of opportunity:

• Enrich Corporate

Actions with documents

and extended unstructured

data

• Link Corporate Actions

with other securities and

payment messages

• Ensure tracking of all

messages for a Corporate

Action

Corporate Actions

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Scenario: Payment enriched with attributes & enhanced remittance Payment from identitii Pty Ltd (Australian Bank) to Widget Company (Singapore Bank) for payment for 3

invoices for boxes of t-shirts with payment enriched with remittance information

Australia Bank

Prepare outgoing MT103 payment & generate token

for message

Enrich payment with remittance information & company attributes

Investigate attribute and document attachments to workflow

Receive notification of payment via identitii workflow

Complete workflow when payment approved

Singapore Bank

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Scenario: Payment enriched with attributes & enhanced remittance Payment from identitii Pty Ltd (Australian Bank) to Widget Company (Singapore Bank) for payment for 3

invoices for boxes of t-shirts with payment enriched with remittance information

Australia Bank

Prepare outgoing MT103 payment & generate token

for message

Enrich payment with remittance information & company attributes

Investigate attribute and document attachments to workflow

Receive notification of payment via identitii workflow

Complete workflow when payment approved

Singapore Bank

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What’s next – three paths to market

Direct: Use cases for banks & affiliates

Partnership: Integration with sanctions screening &

transaction monitoring; payment & trading systems

Collaboration: SWIFT GPI & SWIFT

Securities