identitii, the company enabling the secure, trusted and auditable exchange of information within and between counterparty financial institutions, announced a new partnership with Blue Prism. The partnership will see a joint technology offering designed to help financial institutions securely digitise and automate corporate payment and trade transaction processes, and provide a detailed audit trail to aid the efficient and effective detection of fraudulent activities.
For many financial institutions, collating and verifying the information necessary to complete a transaction such as a cross-border corporate payment or corporate trade deal is a very manual, time-consuming and costly process. Furthermore, the extensive anti-money laundering and financial crime sanctions checks that firms must conduct to accurately assess the transaction’s intended purpose and requirements add additional layers of complexity.
The partnership will enable financial institutions to digitize costly and inefficient manual processes by automating the collation and permissioned exchange of information whilst securely recording a detailed audit trail of all processes and activities on a private distributed ledger, allowing for detailed reporting.
With Blue Prism’s Digital Workforce solution, firms can automate previously manual tasks required by counterparties and to meet regulatory commitments, such as the collation of diverse documentation and data stored across multiple legacy systems. When combined with identitii’s Integrity, any document, process or piece of information can be quickly and easily verified and secured through identitii’s private distributed ledger and accompanied with a digital audit trail.
Recording the data provenance and creating an immutable time-stamp of any process and database change, the cryptographic audit trail allows all parties to quickly understand who has accessed or changed a piece of information, and when and where those changes took place, proving full transparency and traceability. This allows all parties throughout the process to ensure they are making decisions based on the correct information, as they are aware of who has viewed the documentation, if it has been amended and its origination.
The company’s software robots automate complex work processes while meeting the requirements of the most demanding IT environments, where security, compliance and scalability are paramount. Billions of transactions and hundreds of millions of hours of work are executed on Blue Prism robots from renowned companies including Aegon, BNY Mellon, Commerzbank, ING, Nordea and Raiffeisen Bank.