Four Major EEA/EU based merchants Contracted
Melbourne, Feb 26, 2018 AEST (ABN Newswire) - Australian Securities Exchange and Frankfurt Stock Exchange cross listed iSignthis Ltd (
ASX:ISX) (TA8:FRA), the world leading RegTech for identity verification and payment services, is pleased to announce it has contracted four major EU based settlement merchants, with an estimated annual Gross Processing Turnover Value (GPTV) book value in excess of EUR200m (+A$310m).
Highlights
- First four EU settlement merchants contracted, with estimated GPTV book value in excess of EUR200m annually (+A$310m)
- First revenue from EU merchants expected in March quarter
Total contracted settlement GPTV globally is in excess of A$400m/pa
The various agreements are deemed material, with a resulting positive contribution on revenue over the term of each of the evergreen agreements. The contracting process includes an extensive customer due diligence process per the stringent EU regulatory requirements, including identifying and verifying all beneficial owners with a greater than 10% stake in the contracting party.
The merchants are all within the derivatives, CFD and securities merchant category.
Merchants are citing iSignthis' patented Paydentity(TM) integrated payments and identity verification platform as a key reason for contracting with iSignthis.
Two of these four new merchants are in the final stages of integration, with the Company anticipating revenue contribution to commence within the March quarter, and revenue then scaling more fully throughout the June quarter.
Integration planning for the other two merchants is underway, and GPTV contribution of the merchants will be included with the appropriate update to market in the quarter that they become active.
Total contracted GTPV book value for the global iSignthis group settlement merchants is now in excess of A$400m, on an annualised basis. Merchant Services Fee (MSF%) is expected to average 100bps across the global GPTV.
Once integrated, the newly contracted merchants will build on the existing revenue base currently generated from payment processing, KYC and payment settlement of existing customers and merchants as previously reported in the quarterly reports and to be detailed further in the Appendix 4D for the 1HFY18 on Wednesday 28th February.
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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