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Identitii launches unique new foreign exchange solution - TechInvest Magazine Online

Written by Staff Writers | Jul 10, 2020 12:01:56 PM

Award winning FinTech firm Identitii Limited (ASX:ID8) has launched a single, digital workflow for Foreign Exchange (FX) transaction information.

The Overlay+ FX solution automates the collection of data and documents required for FX trades, helping companies trade in previously unavailable currencies, freeing-up internal teams to execute more trades, and capture more of the US$6.6 trillion traded daily on global FX markets,

CEO, John Rayment, said the new solution deployed on the existing Overlay+ core platform, allows Identitii to solve more problems for existing customers and prospects, and further expand the global potential market opportunity.

He said product market fit for Overlay+ FX has been validated following the success of a pilot programme.

Releasing new solutions onto our Overlay+ core platform further expands our market opportunity and supports our mission to create a global ecosystem for financial information,” Mr Rayment said.

“This is a particularly compelling solution for Overlay+, which will help our customers access more of the US$6.6 trillion traded on global FX markets every day, and one I’m personally familiar with following my career with a global foreign exchange company both in Australia and overseas.

“Identitii launched Overlay+ FX in response to market demand to reduce the regulatory burden associated with trading in primarily capital-controlled currencies, which we believe will ultimately benefit entire economies.

“The solution automates the handling of information, making it easier for companies to trade previously unavailable currencies and enable their internal teams to focus on tasks that deliver real value to their business.”

According to Mr Rayment, instead of upgrading the multiple interlinked systems used by foreign exchange teams today, Overlay+ FX enhances the FX, payment and customer systems already in place.

“It creates a single, digital workflow for financial information across the entire trade lifecycle, resulting in reduced settlement risk, better customer experience, more auditable data, and significantly reduced opportunity costs,” he said.

For companies trading in capital-controlled markets, Overlay+ FX can significantly ease the regulatory reporting burden, by automatically identifying and requesting the right information pre-trade, according to the currency pair being negotiated. Post-trade, Overlay+ FX resolves payment receipt and reconciliation issues and manages overhangs.

Mr Rayment said that in foreign exchange trading, buying and selling of emerging market currencies is often controlled by the country’s Central Bank, which requires specific documents relating to the trade and to the buyers and sellers, before allowing the trade to be made.

Each country has different requirements, making it difficult to manage trading in these currencies, partly due to legacy technology systems that don’t make it easy to identify and share the information needed, and the high levels of manual processing used to collect and share information from customers.

“In some cases, companies choose not to trade these currencies as the documentary requirements on them are too high. Identitii’s Overlay+ FX simplifies and automates the documentary requirements for trading in capital-controlled markets, enabling companies to increase profitability and do more FX business, without having to upgrade their existing technology systems.”

https://identitii.com/