ASX

Identitii is a new listing that will float on the ASX on Wednesday after completing an oversubscribed IPO, raising $11 million at $0.75 a share.

The company which was founded in 2014, has grown swiftly, being awarded best in show in 2015 at the fintech innovation lab Asia-Pacific and had a successful pilot with SWIFT.

The fintech enables the secure overlay of transaction level detail on top of financial messages using private blockchain.

Identitii, is already in use at Tier One Global Bank where it provides an additional level of security on pre-existing payment infrastructure.

Banks send over 25 million messages over payment networks every day and Identitii will help speed up the legacy process that requires some payments to be manually verified and investigated.

The additional security results in a higher rate of payments being settled first time, faster reconciliation and decreased risk.

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