iSignthis and Coinify deliver AML regulatory compliance for Easily, Instantly & Securely Buying Bitcoin via Cards
Melbourne, April 4, 2016 AEST (ABN Newswire) - The strategic partnership between fintech industry's innovative KYC compliance service provider, iSignthis Ltd (
ASX:ISX) ('iSignthis'), and the leading blockchain payments provider, Coinify ApS (Coinify), delivers service commencement of a new global product connecting blockchain payments, KYC identity & credit cards.
Highlights
- Instant bitcoin purchases on Coinify platform via major credit cards
- Blockchain payments linked to credit card and identity
- AML/CTF Customer Due Diligence practices adopted
- Coinify is the leading blockchain service provider with 3-digit growth rate
- Service is now transacting and commercial
Enabled by 'top of class' AML/CTF KYC services by iSignthis, the new payment product will allow instant bitcoin purchases on the Coinify platform. This development will support majority of the credit card types and will open the option to use Coinify Trade platform internationally. The Coinify trade platform acts as a processor of up to 17 blockchain currencies, as well as an exchange. In a world first, identity will be able to be linked by end users to transactions, in order to meet AML/CTF regulations for customer due diligence and KYC. iSignthis will also refer their customers interested in processing 'identified' bitcoin to Coinify.
N J (John) Karantzis, CEO and Managing Director of iSignthis, said: "We are delighted to be working with Coinify on such a significant application of the blockchain. Coinify are the only blockchain currency company we have chosen to work with, as commercial development of the application requires cooperation across a number of areas. Coinify brings a solid understanding of the KYC requirements to bring digital currency to industry at large, employed on the highest standards, together with a very effective anti-money laundering programme. We are delighted to be exhibiting and presenting at Money 20/20 Europe, and look forward to this year's conference."
Coinify CEO and co-founder, Mark Højgaard said: "Cooperation with iSignthis strengthens our efforts for proactive compliant regulation and gives us high integrity. Coinify can now offer even stronger product, both in terms of usability and accessibility. I can see a lot of opportunities coming from the expansion of Trade services beyond the SEPA space, meaning that now both, the payment processing and the trading parts of our platform, are globally available." The result is that Coinify Trade will begin accepting MC and VISA credit cards issued outside the SEPA area, including those not supporting 3D Secure.
Hamed Sattari, CTO at Coinify, has specified on the functionality of the new product: "Buying bitcoin is often associated with a cumbersome verification process and slow delivery times. Allowing customers to securely buy bitcoins and have them delivered instantly is a very soughtafter service in the eyes of our customers and also one of our main goals. Using iSignthis' services, we get a strong customer authentication and a smooth KYC process that ties cards to a specific user. This provides us with a secure token that can be used onwards for making instant purchases with extended security and PIN code."
About Coinify ApS
Coinify ApS operates as a blockchain payment service provider with focus on extending blockchain currency payment processing and trading services to merchants and consumers respectively. Coinify serves global Payment Service Providers, online businesses, physical shops, and individuals. Coinify Merchants solution supports 17 blockchain currencies including bitcoin globally with an option to receive payouts in local currencies. Custom API and shopping cart plugins enable seamless integration for online businesses, while the physical shops can use the Coinify POS mobile application for on-site payments. Trade customers can buy and sell bitcoin using their credit card or via bank transfers in their local currency, as well as enjoy the advantages connected with increased volumes in the form of four account levels.
The company was incorporated in 2014 and is backed by a multi-million dollar capital injection from SEED Capital (funded by the Danish government) and Accelerace. Headquartered in Copenhagen, Denmark, Coinify is the leading blockchain payment service provider (bPSP) with strong presence on the European and Asian markets.
For more information about Coinify, visit their website at http://www.coinify.com
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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