Ixaris to Remotely Verify UBO via iSignthis.com
Melbourne, Nov 2, 2016 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) is pleased to announce the commencement of their 'key controller' digital KYC service, with global payments expert, Ixaris. iSignthis has adapted its consumer facing Digital KYC service to verify the natural persons who are the merchant's key controllers, including Ultimate Beneficial Owners (UBOs), directors, officers and other stakeholders.
Highlights:
- Ixaris using iSignthis digital KYC service to verify corporate 'key controllers'
- The service is now live and transacting
The key controller/UBO service for Ixaris is now live and transacting, providing Ixaris a means to verify the key controllers of merchants, including travel agents and other partners, that use, resell or promote the Ixaris payment services.
iSignthis CEO, John Karantzis commented, "We are delighted to have launched with Ixaris. Together, we have revolutionized the way merchants can now be on-boarded to payment services, by automating the verification of key controllers. PSP's no longer have to depend on time consuming and expensive manual processes, as iSignthis can now automate and fast track the verification of 3rd party identified key controllers, through our Digital KYC service. This is a massive step forward in automating the back office for the payments industry."
Industry Overview
iSignthis' Paydentity(R) solution offers Payment Service Providers (PSP's) a fast and efficient way to verify key controllers of merchants with legal structures including corporates, trusts, clubs and associations, leading to significantly faster and simplified on-boarding of the merchant.
PSP's are obligated under AML regulation to identify and verify not only the corporate structure of merchant entities to whom they intend to provide services, but also identify and verify the natural persons who are key controllers associated with that merchant. Key controllers are usually identified as part of a conventional database search on the merchant, either through a data broker, or direct with the registrar of companies in each jurisdiction. The past difficulty has then been in verifying the natural persons who have been identified under a database search as being key controllers.
Typically, PSP's, including credit/debit card acquirers, card issuers and eWallets, have manually conducted KYC verification of key controllers via notarized or certified documents, or face to face interviews. This process can typically take between 15 to 28 working days, or sometimes much longer, potentially causing huge delays in the remote verification of key controllers, and thus leading to delays in the on-boarding of the merchant to the PSP service.
About Ixaris
Ixaris is the business payments expert and is single-mindedly focused on delivering perfect fit payments capabilities to businesses that transform and optimize their payments processes and avoid the compromises of cost, control and convenience that off-the-shelf and bespoke technologies bring. Through its banking, corporate and technology partners Ixaris is on a mission to ensure customers can benefit from perfect fit payments. Ixaris customers include global banks, leading corporates as well as SMEs and innovative mobile start-ups.
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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