Identitii has today received approval of its Patent in Singapore. The newly received approval covers Identitii’s longer term vision of a global ecosystem for secure sharing of financial transaction information and is a key part of its Intellectual Property (IP) strategy. Singapore is the second market to recognise Identitii’s Patent, following approval in the United States (U.S.) in December 2020.
Commenting on the announcement, John Rayment, CEO, Identitii said:
“One of the really exciting opportunities for Identitii is to monetise the Patent we own in the U.S., which today becomes a Portfolio of Patents with the inclusion of our approved Patent in Singapore. The Company has been actively pursuing several promising opportunities to monetise our Patent in the U.S., and the addition of our approved Patent in Singapore to the Portfolio potentially increases those U.S. opportunities and adds another jurisdiction where our strategy can be deployed.”
Identitii’s patented invention of a secure financial information sharing ecosystem overcomes key limitations with existing technology systems to simplify financial crime compliance, streamline regulatory reporting and enable faster settlement of payments. The Company’s near-term focus on automating regulatory reporting to AUSTRAC and other global regulators is the first important step towards this longer-term vision.
The Company’s patented invention is being used in-part today by Mastercard Cross-Border Services to securely share information across its account-to-account network, simplifying financial crime compliance and streamlining payment operations.
The Company has filed for Patent protection in several other jurisdictions, in addition to the U.S. and Singapore. To finalise the Singapore Patent, Identitii must pay an issue fee of AUD$3,400 to the Intellectual Property Office of Singapore by 25 September 2022.
Identitii’s Patent is helping banks, payment networks and financial services businesses around the world to quickly and easily share information. To learn more click here.