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Online & Mobile Banking

Identitii, BIAN partner to help banks digitise information exchange

Wednesday 27 February 2019 | 01:46 PM CET

Australia-based fintech Identitii has joined the Banking Industry Architecture Network (BIAN) to help banks digitise information exchange using blockchain.

BIAN is a collaborative network of banks, such as ABN-AMRO, Nomura, Commonwealth Bank, Rabobank, Société Générale, and UBS, as well as technology providers, consultants, and academics including Accenture, Dell Technologies, Ernest & Young, Oracle, SAP, Swift, and IBM. Via the partnership, Identitii’s Overlay+ platform will comply with BIAN standards, allowing customers to integrate Overlay+ with existing technology systems also using BIAN.

Overlay+ allows corporate banks and their customers to adopt digital standards, such as open banking, without costly technology infrastructure projects. It facilitates internal legacy systems and payment networks, by overlaying them with a private blockchain. This blockchain enables the auditable and permissioned exchange of information related to payments and transactions. Another feature is that it introduces an ecosystem of third-party applications, which allow banks to access multiple value-added partner offerings, all from within the Overlay+ platform and API.

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