Quarterly Activities Report
Melbourne, April 29, 2016 AEST (ABN Newswire) - iSignthis Ltd (iSignthis or the Company) (
ASX:ISX) is pleased to provide the following business update and Appendix 4C for the quarter ended 31st March 2016.
Highlights include:
- Commenced transacting with Coinify to deliver AML regulatory compliance for buying bitcoin via cards
- iSignthis v2.0 paydentity SaaS certified to PCI DSS v3.1 Level 1
- Gibraltar: Independent reviews confirms iSignthis' services satisfy AML regulations for both Gambling & Financial Services
- Isle of Man: iSignthis validates its unique digital KYC service against AML/CTF regulations
- Continued aggressive marketing and promotion of the iSignthis brand and services - attended specialist EU and Asia gaming, forex and finance conferences in Hong Kong, London & Copenhagen providing sales team further opportunity to build our pipeline
The quarter ending 31 March 2016 marks the 12-month anniversary since listing as iSignthis Ltd (ISX). The Company continues to make significant steps forward in its quest to be the market leader in providing dynamic, online and rapid identity verification services covering 51% of the world's population and allowing AML/CTF obligated businesses operating out of any FATF cooperative jurisdiction to meet their compliance requirements.
The Company's focus is now on commercial processing of end users for existing customers, and very shortly, new customers. The management team is focused on ensuring that transactions are processed promptly and correctly, the transaction ledger balances with the monies settlement accounting, and that the identity process meets regulatory requirements together with customer expectations. This approach is critical as our process replaces the low volume, manual KYC approaches in use today, and relies upon convergence of our automated identity process with conventional high volume payment processing technologies.
The Company has thus adopted a conservative, incremental approach, with customer end user load being applied over a period of months, due to the highly regulated sectors in which we operate.
Typically, we would expect that new customers will each take a period of 6-8 weeks to optimise (at low volumes of end users), prior to a gradual ramping up of end user volumes across a period of several more weeks to months to full load. This is prudent as not only do our customers rely upon iSignthis for payment processing, but also for identity management, the former of which is sensitive commercially, and the latter being a mandatory regulatory requirement for our customers to commence and continue operations.
Product Strategy
Since listing as iSignthis Ltd, the business has continued to evolve and develop its product range and services available to obligated financial institutions. Fundamental to our business model is the patented solution in delivering identification services (KYC) to AML/CTF obligated businesses. This online, dynamic and new 21st Century solution provides the scale, volume and revenues required for a sustainable business. ISX is also able to replace existing fragmented processes experienced by our customers via a single API.
Whilst our focus is on AML Regulated sector businesses, or service range, our capability has been extended to encompass the complete payment and identity requirements faced by online business.
ISX solutions assist online business by substituting multiple vendors and processes;
- Payment Gateway
- Card acquiring & bank(s)
- AML/CTF KYC data
- AML/CTF KYC manual back office team
- Anti-fraud / payment authentication
- Transaction monitoring
The ISX solution now spans multiple products and will generate further revenue streams with financial, compliance and operational benefits for our customers. ISX is a unique offering creating a 'sticky' customer relationship benefiting both parties.
To view the complete report, please visit:
http://abnnewswire.net/lnk/8VD406Z1
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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