Identitii, an Australian financial software firm, has agreed to deploy its cloud-hosted SaaS reporting platform for Rabobank Australia to help the latter further automate International Funds Transfer Instruction (IFTI) reporting to the Australian Transaction Reports and Analysis Centre (AUSTRAC).

In this connection, the parties have signed a five-year software licensing agreement (SLA).

Rabobank Australia is the Australian unit of the Netherlands-based Rabobank.

Identitii CEO John Rayment said: “We continue to see strong interest in our cloud platform in Australia and other global markets, as AUSTRAC and other regulators around the world push reporting entities to ensure AML/CTF processes meet stringent standards.

“This growing macro trend, together with other drivers including global adoption of ISO 20022, put Identitii in a prime position to capitalise on perhaps the largest programme of technology change the industry has ever seen.”

According to Identitii, the software licensing agreement consists of an annual recurring licence fee of A$0.1m ($0.07m) and an initial A$80k ($55.7k) payment for professional service fees for onboarding of the cloud-hosted SaaS reporting platform and its customisation.

The Australian financial software firm said that either party can scrap the software licensing agreement with 12 months written notice for any reason.

Rabobank Australia also holds an automatic right for renewing the SaaS reporting platform for an additional period of 12 months at the end of the initial term.

Launched in 2014, Identitii is engaged in helping regulated entities in lessening their exposure to regulatory risk without replacing their existing technology systems.