APRA Licencing Update
Melbourne, Dec 23, 2021 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) (TA8:FRA) advises that its subsidiary, iSignthis Australia Pty Ltd ('ISAU'), has withdrawn its application for a Purchased Payment Facility (PPF) from the Australian Prudential Regulation Authority ('APRA').
ISAU commenced the PPF licensing application process in 2018, since which time a number of factors have changed substantially.
One such key factor is the civil litigation and damages case brought by ISAU's parent iSignthis Ltd against the publicly traded ASX Ltd (ASX : ASX). The $462m civil damages case has arisen from the suspension of iSignthis Ltd by the ASX.
Conclusion of the ASX matter and separate ASIC matter will establish the factual matrix in the Federal Court, after which time ISAU may consider its approach and requirements for Australian licensing.
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.
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