Following the successful completion of phase one of its project with HSBC, a customer since 2017, Identitii (ASX:ID8) announced that it had commenced work on phase two of the project under the existing framework agreement.
Identitii said phase two would deliver additional functionality to support HSBC’s plans to roll out its solution into multiple geographies.
It also expects phase two to drive increased consumption of data points (transactions) across its platform. Initially, phase two will generate additional revenue of up to US$480,000 for Identitii.
Identitii says that as further work is completed, it will earn additional consumption (transaction) fees based on usage.
“The commencement of phase two of Identitii’s project with HSBC is the culmination of some really innovative work, from both HSBC and Identitii. We are pleased to report that the project is delivering some great results and we look forward to continuing to extend these benefits to HSBC’s customers,” said Nick Armstrong, chief executive of Identitii.
“Today’s announcement validates and is consistent with our land and expand strategy for driving customer revenue growth,” said Armstrong. He added that typically a bank would purchase a single licence, earning Identitii a fee of between US$250,000 and $500,000. A large bank could further purchase multiple licences for various geographies or different use cases of Identitii’s platform.
“Identitii is pleased to announce this revenue growth and will continue to provide updates based on both an expanding customer base and partnership model, which will continue to drive increased consumption (transactions) through the platform.”