UnionPay International Licensing for ISXPay
Melbourne, Oct 2, 2018 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) (TA8:FRA) (Company) is pleased to advise that its wholly owned subsidiary, iSignthis eMoney (AU) Pty Ltd ("ISEMAU) has entered into a card not present / online agreement with Union Pay International, to act as a card acquirer of China Union Pay (CUP) issued cards.
Highlights
- Agreement entered into for Australian region
- ISXPay to be able to acquire China UnionPay cards in 2019
- China Union Pay has the largest number of cards on issue of any card scheme
The Company is required to complete full membership requirements, including technical integration and certification before offering the service to merchants. It is anticipated that certification and availability of the service to Australian merchants will be by end of first quarter 2019.
Once the service is live, ISEMAU may contract, process, acquire and settle directly to merchants.
CUP cards are being issued by banks outside of China, including Europe, North and South America, Asia and Africa, with CUP being the largest card issuer in the world. CUP is an increasingly popular card in Australia and the world, as evidenced by its latest transaction data released on 6 February 2018, which shows that the transaction volume for UnionPay grew by 28.8% year-on-year to USD 14.95 trillion (RMB 93.9 trillion).
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. In partnership with more than 1800 institutions worldwide, UnionPay International has enabled card acceptance in 170 countries and regions with issuance in 48 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
Further details on Union Pay International are available from http://www.unionpayintl.com/en/
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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