Rabobank Australia to automate IFTI reporting

Rabobank Australia will use a cloud-hosted platform from Identitii to help automate International Funds Transfer Instruction (IFTI) reporting to AUSTRAC.

The bank has entered into a five-year software licence agreement with the Australian regulatory compliance fintech.

The five-year agreement includes an annual recurring licence fee of $100,000, and an initial $80,000 payment for professional service fees, for onboarding and customisation.

This will be Identitii's first engagement with Rabobank. Its other customers include HSBC, Standard Chartered Bank Australia and Novatti Group.

Identitii's platform helps automate reports for anti-money laundering and counter-terrorist financing (AML/CTF) to Australia’s financial crime watchdog.

“Rabobank is a great example of a financial services organisation deploying increased automation for IFTI reporting to AUSTRAC," Identitii CEO John Rayment said in a statement.