Identitii Limited announced that payable Pty Ltd. (Payble) will soon commence payment of a $1.0 million Assignment Fee to the Company. This fee is for intellectual property (IP) developed by Identitii and irrevocably transferred to payable under an Intellectual Property Agreement. The IP was first tested in September 2019, when Identitii was one of ten companies chosen to participate in the Australian Competition & Consumer Commission's (ACCC's) Consumer Data Right (CDR) ecosystem testing. The IP-related Assignment Fee will commence 30 November 2021 and be paid in monthly instalments over the following two years. Payments are indexed against payable revenue growth and are expected to increase across the term, to ensure available capital is primarily directed towards sales, marketing and product development efforts. If repayments have not reached $1.0m by 30 November 2023, a final top-up payment (being $1.0m less fees already paid) will be made on 1 December 2023. Following recent moves by the Commonwealth Bank's venture scaling entity, CBA New Digital Businesses Pty Ltd. (x15ventures) to increase its investment in payable (see Identitii's ASX announcement, dated 15 November 2021), Identitii's ownership in the business has reduced to 39.3% on a fully diluted basis and the Company ceases to retain control of Payble. This triggers a change in accounting treatment whereby payable results will now be recognised as a separate line item, as opposed to being consolidated into the results of Identitii Limited. Importantly, this means the Assignment Fee will be recognised by Identitii as cash receipts in the statement of cash flows as it is no longer required to be eliminated on consolidation. payable continues to pursue a rapid growth strategy payable leverages open banking technology to make missed or late payments a thing of the past and to help consumers better manage recurring payments to avoid the debt cycle. Initially targeting the energy sector, payable is continuing to pursue a rapid growth strategy aimed at identifying other key industries where late or missed payments present challenges for businesses and consumers alike. It is also currently pursuing CDR accreditation with the ACCC, following Identitii's participation in the ACCC's CDR testing program back in 2019. Identitii, together with Elliott Donazzan, the Company's former Director of Innovation, founded payable in 2020 with the intention to monetise Identitii's previous investment in Loot Technologies and its participation in the ACCC's CDR testing program. Following the recent additional investment in Payble, on a fully diluted basis x15ventures holds 43.9% of Payble's issued capital, Identitii holds 39.3% and Elliott Donazzan holds 5.6%. The remaining 11.2% will be issued and allocated in the future as part of employee incentive arrangements.