Bank Institution Codes and Scheme Participation
Melbourne, Aug 30, 2018 AEST (ABN Newswire) - Australian Securities Exchange and Frankfurt Stock Exchange cross listed iSignthis Ltd (
ASX:ISX) (TA8:FRA), the deposit taking EEA authorised monetary financial institution with transactional banking capability (the "Company"), is pleased to announce that it is now a scheme member of the European Payments Council (EPC) Single Euro Payment Area (SEPA) Scheme. Participants in EU based schemes must first hold relevant regulatory authorisations, of which the Company holds an EEA Authorisation as a deposit taking eMoney Institution. The Company is in the process of an ADI class application with APRA for Australia.
The Company advises that it has been issued the following Bank Institution Codes (BIC):
- iSignthis eMoney Ltd (Cyprus) : ISEMCY22 > (SWIFT and EEA/EU SEPA Connected)
- iSignthis eMoney (AU) Pty Ltd : ISEPAU31 > (to be connected to SWIFT and Australian EFT via own BSB Code post BECS membership)
- iSignthis Ltd : ISIGAU31
BIC is an international standard for unique identification of financial institutions, and are used as the 'address' to route funds from one bank to another, in particular across borders. In Australia, these are usually associated with international transfers and are sometimes known as 'SWIFT Codes'. Per the Company's announcement earlier today, its ISEMCY22 BIC is now connected to the SEPA framework, allowing banks participating in SEPA to route payments to accounts held with iSignthis using the ISEMCY22 BIC as the address.
------------------------------------------------------------------Status of Various Card and Payment Schemes ------------------------------------------------------------------Visa Inc Australia : Principal Membership Applied Currently Tier 2 connected via NAB Europe : Principal Membership Granted Tier 1 connection by December 2018Mastercard Australia : Principal Membership Granted Currently Tier 2 via NAB / Tier 1 by Mid 2019 Europe : Principal Membership Granted Tier 1 connection by December 2018 JCB Australia : Principal Membership application in progress Currently Tier 2 via NAB / Tier 1 by Mid 2019 Europe : Principal Membership Granted Tier 1 connection online and certified ChinaUnionPay Australia : Principal Membership Applied Tier 3 Connection via partners Europe : Principal Membership Applied Tier 3 Connection via partners Diners/Discover Australia : Principal Membership Applied No network connection at present Europe : Principal Membership in progress No network connection at present AMEX Australia : Principal Membership Granted Currently Tier 2 via NAB / Tier 1 by early 2019 Europe : Principal Membership in progress No network connection at present SEPA / BECS Australia : BECS Membership application in progress Currently Tier 2 EFT & BPAY via NAB Europe Scheme Participant Tier 1 connection by November 2018 SWIFT Australia : Participant / BIC Issued TBA Europe Participant / BIC Issued & connected Tier 1 connection by December 2018 ------------------------------------------------------------------
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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