At the time of writing, Identitii shares are swapping hands for 28.5 cents apiece, up 18.75%. It's worth noting its shares reached as high as 32 cents in early morning trade, a new 52-week high — and a gain of 33% from market open.

Let's take a look at what the company updated the ASX with before market open.

Identitii adds new contract

In news driving the Identitii share price, the company advised it has secured a Master Technology Agreement (MTA) and a 3-year licence agreement with Standard Chartered Australia.

Under the terms of the deal, Standard Chartered Australia will licence Identitii's new software-as- a-service (SaaS) platform in Australia. However, there is scope to further extend this service to international markets.

Identitii highlighted that Standard Chartered Australia is the second global correspondent bank to sign a master technology (services) agreement. In addition, it's the fourth global brand to sign a multi-year contract.

Identitii stated that activity and revenue are laid out in order forms (statements of work). However, the first initial job is worth $0.3 million.

Either party is able to terminate the contract for any reason, but must provide at least 90 days' notice.

It's no surprise to see the Identitii share price higher today as the company has had a busy 2021. Identitii filed patent applications for its intellectual property (IP) in the United States, and launched its new SaaS platform.

About the Identitii share price

Founded in 2014, Identitii is an Australian-based company that specialises in designing and developing financial software. The group serves in helping financial institutions eliminating anti-money laundering (AML) and counter terrorist financing (CTF) compliance risk.

Over the past 12 months, the Identitii share price has gained around 20%, and year to date has advanced by approximately 80%.

Based on today's price, Identitii commands a market capitalisation of roughly $44.10 million, with about 152 million shares on issue.

The post Identitii (ASX:ID8) share price leaps 19% on new licence agreement appeared first on The Motley Fool Australia.

At market close, Identitii shares finished up 11.11% to 20 cents. Even after falling 21% yesterday, this means its shares are up an astonishing 150% in a month. Compare this to the All Ordinaries Index (ASX: XAO), which is marginally down 0.09% on the same time period.

What's going on with Identitii shares?

Recently, the company provided the ASX with 3 separate announcements that drew investor attention, shooting up the Identitii share price.

The first release dated on 25 August regarded a patent and intellectual property (IP) update. Identitii noted its previously filed applications in several global jurisdictions in August 2015.

However, in December 2020, its patent was approved in the United States, and granted in April 2021. Identitii noted that it has filed additional claims in the US this month, as part of its wider IP strategy.

The company stated that its IP offering leverages global demand for systems that capture faster and detailed transaction information.

Furthermore, the company updated the market with its full-year results the following day. Identitii delivered a 45% year-on-year increase in revenue to $1.4 million. When factoring in the grant income, this figure rose to $2.7 million.

Operating costs fell 6% to $8.6 million, compared to the prior corresponding period.

On the bottom line, the company noted a net loss for the year, down 18% to $5.8 million.

Last but not least, Identitii highlighted the launch of its brand new software-as-a-service (SaaS) platform. The product aims to simplify and automate AUSTRAC compliance. This entails reducing the risk of non-compliance with suspicious matter, international transfer and large cash transaction reporting obligations.

Initially available for AUSTRAC reporting in Australia, the platform can be adapted for regulatory requirements in other countries. New Zealand, the United Kingdom and Canada are among the next jurisdictions to be added.

Identitii share price summary

Until recently, it had been a disappointing 12 months for Identitii shares travelling from 29 cents in September 2020 to 6.7 cents in August. This reflects a drop of almost 80% in the space of 11 months. However, the company's share price stormed to incredible highs to be down only 8% for the past year.

At today's price, Identitii presides a market capitalisation of roughly $31.2 million, with approximately 152 million shares on its books.

The post Why the Identitii (ASX:ID8) share price is up 11% today appeared first on The Motley Fool Australia.

Whereas the S&P/ASX 200 Index (ASX: XJO) has slipped 0.6% into the red over the last month, Identitii shares have soared 182%.

Let's investigate further.

Quick refresher on Identitii

Identitii is in the business of developing and licensing enterprise software for regulated companies. It derives the bulk of its revenue from the US but has a footprint in Australasia.

Its flagship product – the Overlay+ platform – helps to reduce regulatory risk without major upgrades to technology systems.

At the time of writing, Identitii has a market capitalisation of approximately $33.5 million.

What tailwinds are behind the Identitii share price?

The Idenditii share price has made its major move upwards from the end of August. Prior to this, it was actually trading down and had dropped 13% since the beginning of July.

However, Identitii shares have been on the move since the company made two major announcements.

Identitii share price: major uptick since the end of August

Source: The Motley Fool

First was an announcement that the company had been granted a patent on its intellectual property (IP) in the US.

The patent was actually granted in April 2021. However, the company only confirmed the news at the end of August. Identitii also filed "additional claims" regarding its IP in the US in August, as per the release.

Next was the company's FY21 earnings release which came a day after the patent announcement.

In its report, the company recognised a 45% year on year increase in revenue to $1.4 million. Folding "grant revenue" into the equation, Identitii increased turnover to $2.7 million.

Operating costs for the year also came in 6% lower than FY20 at $8.6 million. As a result, the net loss for the year improved by 18% to $5.8 million.

The company also advised that it intends to launch its new Software as a Service (SaaS) platform in FY22. Idenditii has also signed additional licences for AUSTRAC reporting with payments service Novatti Group Ltd (ASX: NOV) that will take effect in FY22.

Finally, the company reported that investment banking giant Citibank signed a letter of intent with the company to potentially licence its Overlay+ platform for AUSTRAC reporting standards.

The Identitii share price has soared near its 52-week high since these announcements. From 20 August to date, Identitii shares have climbed 350%. That means the majority of the gains Identitii shareholders have enjoyed over the last month have arisen in the last 2-3 weeks.

Identitii share price snapshot

Identiti shares are now exchanging hands at 22 cents apiece, a 4.35% drop from the opening of trade on Tuesday. Earlier in the day, the share price reached 26.5 cents.

The Identitii share price has posted a year to date return of 37%. Despite this strength, Identitii shares have remained relatively flat over the past 12 months.

As such, the Identiti share price has lagged the broad index's return of around 25% over the past year.

The post Why the Identitii (ASX:ID8) share price has surged 180% in a month appeared first on The Motley Fool Australia.

What's moving the Identitii share price higher?

Investors are buying Identitii's shares after the company released a positive update to the market this morning.

In its announcement, Identitii advised it has renewed its original contract with global banking giant, HSBC.

Under the renewed contract, Identitii will continue to provide services to support HSBC's Digital Account Receivables Tool (DART). This will see Identitii offer new features, training and maintenance, as well as support for DART's expansion into new markets.

DART, centred around Identitii technology, is built specifically for HSBC's Global Liquidity and Cash Management business. The platform also enables users to track invoices and receive payment information, resulting in faster business payments.

Furthermore, DART streamlines the customer experience and automates the accounts receivables process for HSBC's corporate clients, leading to working capital efficiency.

DART first went live in India in 2018 and is now available in Indonesia. It is being slowly rolled out across Asia.

The 3-year deal is worth up to a total of $2 million in revenue for Identitii. This consists of $0.6 million in annually recurring revenue, along with up to $1.4 million in professional services and other fees.

In addition, both parties have also renewed their global Master Framework Agreement (MFA). This gives Identitii to right to licence its technology to any other business arms of HSBC globally.

Words from the CEO

Identitii CEO John Rayment welcomed the extended partnership, saying:

Renewing a contract with an existing customer is an exciting time for any business as it points to the success of the initial project and continuation of the relationship.

This announcement is particularly exciting for Identitii as HSBC was our first production customer in 2017 and since then we have delivered HSBC DART and provided ongoing development and support that has enabled them to expand the platform into new geographic markets.

The Identitii share price has fallen heavily over the past 12 months, down 55%. Year-to-date, the company's shares are around 15% lower.

The post Here's why the Identitii (ASX:ID8) share price is surging today appeared first on The Motley Fool Australia.

What is Identitii? 

Identitii works with financial services businesses to improve how they use data to inform financial crime compliance and risk decisions, without replacing legacy systems. This aims to reduce the regulatory burden and costs for financial institutions while ensuring compliance is complete and accurate.

The company's approach brings multiple legacy systems together into a single platform, creating a complete and audible record of events related to a transaction. Financial institutions may use this to enhance deliverables such as AUSTRAC reporting, managing correspondent banking relationships, and foreign exchange transaction information. 

US patent approval 

The patent covers Identitii's secure financial information sharing ecosystem. The company sees this approval as key in increasing its competitive advantage and defensibility in this space, while potentially generating new revenue streams. 

The technology that underpins the patent is the backbone of the company's correspondent banking solution, which enables institutions all around the world to securely share information for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. 

Identitii CEO, John Rayment has described this event as a huge milestone for Identitii, adding:

…it helps safeguard our business from competitive threats and protects our strategy of building a connected ecosystem for financial information, without replacing existing systems. There is also the potential to licence the technology to other players, generating additional revenue.

Identitii share price performance 

The Identitii share price was largely dormant up until 24 August, when the business signed a significant deal with Mastercard. This saw its share price jump as high as 125% to 43 cents before closing at 40% higher at 27.5 cents.

Its shares have trended lower with a $4 million placement taking place on 26 November at 14.6 cents per share. The US patent announcement has pushed the Identitii share price 6% higher to 17.5 cents at the time of writing. 

The post Identitii (ASX:ID8) share price soars 6% on US patent approval appeared first on The Motley Fool Australia.

What does Identitii do?

Identitii is an Australian financial technology (FinTech) company. It is based in Sydney and was founded in 2014. Identitii uses blockchain and tokenisation technologies to connect banks and businesses with data to process, reconcile and report on payments. Its core Overlay+ platform collects and shares information on financial transactions.

It creates an ecosystem in which suppliers, buyers, banks and regulators can access their required data. Identitii reduces the exposure to regulatory risk for these companies, without replacing existing technology systems.

The Mastercard agreement

Identitii has signed a five-year master services agreement (MSA) with Mastercard International Incorporated (Mastercard). Under the agreement, Identitii will license its Overlay+ platform to Mastercard. This will enable Identitii to sell to and work with any Mastercard-linked business in the world.

Identitii CEO John Rayment said:

We are thrilled to announce that we have signed an agreement with Mastercard, who we have had a relationship with since participating in their Start Path program in 2018. What the MSA does is give us the opportunity to license our Overlay+ platform to any Mastercard business globally.

It is the first step in a process, following which we agree specific statements of work which outline how Overlay+ will be used to address particular needs in their business. We look forward to providing an update on specific projects in due course.

How has the Identitii share price performed lately?

Back in late July, Identitii announced that an entitlement issue had raised $1.908 million in Q4. The company will raise an additional $1.908 million in Q1 FY 2021.

Cash receipts from customers during Q4 amounted to $0.183 million. This was down 62% from Q3, mainly due to short term delays in professional services contracts as a result of the coronavirus pandemic.

The Identitii share price has trended downward since it launched October 2019 at $0.34, falling to below $0.09 in July. Today it rose 72% to 0.49 in early morning trade, and is currently trading at $0.31.

The post Identitii share price has rocketed on Mastercard agreement appeared first on The Motley Fool Australia.