Identitii - Ben Buckingham
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Transcript of 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