Enters Agreement for iFOREX to Pilot Digital KYC Service
Melbourne, May 25, 2016 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) is pleased to announce that it has entered into a pilot agreement with the industry leader in online trading, iFOREX. iSignthis will integrate with iFOREX to pilot and optimize the ISX Digital KYC service. A successfully optimized pilot will provide iFOREX with a user friendly onboarding system.
Highlights:
- iSignthis executes pilot agreement with global online CFDs trading platform, iFOREX
- iSignthis Digital KYC service to be made available to German iFOREX customers from mid to late 2016
The aim of the two month pilot is to optimize the iSignthis service, and to demonstrate compliance to the stringent requirements of CySEC and the EU's 4th AML Directive ("4AMLD"). The 4AMLD is set to come into effect in June 2017 within the EU.
Post successful pilot, and subject to finalisation of contract, the iSignthis service opens up the potential customer market for iFOREX to any of the worlds 3.5Bn financially included persons. The iSignthis service will be able to onboard customers who elect to pay by credit card to iFOREX within minutes.
iFOREX is one of the largest online trading platforms in the industry. Having experienced exponential growth every year, iFOREX have expanded their client base generating mass trading volume and providing vast financial assets to traders located across the globe. Their online trading platform can be easily accessed from mobiles, laptops and tablets which has enabled users to trade whenever they choose, whilst also receiving instant professional support when needed.
iSignthis Managing Director John Karantzis said "We are excited to be piloting our recently released 4AMLD customer due diligence KYC solution with industry leader, iFOREX. Noting that both the 4AMLD and PSD2 are now visible on the horizon, we are delighted by the foresight shown by iFOREX to solve the challenges associated with 4AMLD and PSD2 ahead of time, and offer their customers a seamless, quick and low friction onboarding experience."
About iFOREX
The iFOREX Group was founded in 1996 by an elite team of financial experts and is now considered to be one of the largest and most respected online trading groups in the industry. iFOREX provides clients with tools needed in order to maximize their profit potential such as customizable leverage of up to 400:1, a wealth of limit order to control their portfolio and 3 Trading Platforms that are suitable for both advanced and novice traders. The Platforms incorporate all the well-known features and tools such as one click deal execution, limit orders, hedging capabilities and stop loss level for exposure closing. With access to over 250 tradable products, the iFOREX platforms are easy to use, fully customizable and available in over 21 languages. iFOREX also provides real time margin protection, automatically executing risk management precautions in order to prevent any negative balance.
Read more about the company at their website http://www.iforex.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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