Which of the hundreds of fintech startups are gaining some cut through? The KPMG/H2 Ventures annual Fintech100 Report report aims to shed some light on that question, detailing what they believe are the leading 50 established fintech companies across the globe, and the most intriguing 50 ‘Emerging Stars’.
An impressive nine Australian fintechs made the Fintech100 report this year, including payment solutions provider identitii.
What is identitii?
identitii is re-inventing the way that information is exchanged in correspondent banking using tokens and Distributed Ledger Technology. identitii’s patented tokenisation technology allows both parties of a payment transaction to be verified in real-time. Tokenised blockchain is the tamperproof, trusted future of KYC / AML / CTF.
They have built a blockchain solution that works alongside existing central banking systems. They provide a tag which can then be used (by authorised users) to access any information that is attached to a banking transaction. This adds the ability to easily verify transactions to protect banks from fraud.
Q&A with identitii co-founder Nick Armstrong
Q: Congratulations on being named as one of the top 50 leading fintechs by H2 Ventures and KPMG as part of their 2016FINTECH100 list. What is your response to that achievement?
A: It’s great to be recognised on the world stage given the hard work we have been doing over the past 12 months. The pain point we are solving for banks, is only going to be solved byechnology. New technologies like blockchain have the potential to significantly improve highly manual processes and this can only benefit society.
‘complianceTech’ or ‘regTech’ companies like identitii are increasingly being recognised through awards like the 2016FINTECH100 list as the next wave of innovation in Financial Services.
Q: Can you give our readers your elevator pitch: Why use Identitii?
A: Identitii has created a platform for banks to exchange rich information about payments over legacy payment networks like SWIFT, RTGS, ACH. The problem we are solving is a lack of information in payment messages which results in slow manual investigations, poor customer experience and risk of non-compliance with various regulations. We do this by creating a globally unique token, that references a detailed data set in a private distributed ledger, or ‘blockchain’, to improve the information available about who, what and why a payment is being sent.
The best part is because identitii’s application is middleware, it requires low or no-change to legacy systems, overcoming one of the biggest challenges facing the industry today. With our technology you can modernise existing systems, rather than replace.
Q: New fintech startups are launched every week. Irrespective of idea or solution, are there any underlying qualities that a startup needs in order to hope for success?
A: We have been focusing on the really ‘boring’ parts of building a business, like systems, policies & processes. In order to scale over the next 12 months we have to get these foundations right and these are common to any business – startup / well established / X-tech. The novelty of the idea or solution needs a great engine underpinning it to succeed. Also – we have a clear funding path which ensures we have enough cash to support our growth.
Identitii made a decision early in our development to be an enabler to financial institutions rather than a disruptor – this aligns with our view that collaboration is a win-win for startups and more established players.
Identitii has a pilot launching with SWIFT and a number of banks in 2017 which will be a game changer for the industry. This is off the back of winning the Innotribe Industry challenge on compliance earlier in 2016. We’ll also be announcing a series-A funding round later in 2017 to expand into Europe and the US. Stay tuned.
Australian fintech stars
identitii was just one of an impressive nine Australian fintechs to make the Fintech100 report this year. For a small population, that’s a pretty good achievement. You can check out the full list of Australia Fintech100 inclusions here.
Any information on this page is general and has not taken into account your objectives, financial situation or needs. Seek advice from a licensed financial adviser before making any investment decisions. See our detailed disclosure.
CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular product. If you decided to apply for a product, you will deal directly with a financial institution, and not with CANSTAR. All product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.