Australian Merchant Onboarding Update
Melbourne, Feb 14, 2019 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) (TA8:FRA) ("The Company") following its announcement dated 6th February 2019, is pleased to announce that it has received a number of applications from Australian domiciled merchants for ISXPay's transactional banking capabilities.
Highlights
- ~12 regulated merchants have applied for facilities
- MCC 6211 (equities/trading/CFD/FX) is principal category of merchant applicants
- 3 Australian merchant contracts executed
The Company has received more than 12 applications, mainly in Merchant Category Codes (MCC) 6211 (Equities/CFD/FX), with some MCC 7995 (Gambling).
The Company has also executed 3 agreements in the MCC6211 category, with GPTV to be advised in due course post commencement of processing. These merchants will commence integration in coming days, with commencement of processing anticipated around 30 days. The first merchants are expected to commence processing during the first week of April 2019 with contribution to revenue in quarter 2 of FY/CY2019.
Merchant Onboarding Process
The Company has received a number of queries from investors as to how the application process is commenced by merchants and managed by the Company.
The underwriting process requires that the Company receives a completed Merchant Application Form (available from our website isignthis.com/documents), together with financial, incorporation and ownership details of the applicant. Underwriting may take as little as five days, or in some cases more than 30 days, depending upon complexity of the applicant's ownership structure and information submission quality.
The Company verifies the Merchant's incorporation, operating licenses (if applicable, e.g. AFSL), directors, ownership structure, and ultimate beneficial owners in order to satisfy AUSTRAC and Anti Money Laundering Regulation requirements. A financial assessment, including past processing performance is also conducted, with terms extended to the applicant usually in parallel with the underwiring process.
Once underwriting is satisfied, and an agreement is executed with security deposit received (if applicable), the merchant is granted credentials to the Paydentity(TM), ISXPay(R) and Probanx(R) API's and dashboard.
Merchants have been known to complete integration in less than 3 business days, with around a month being the usual timeframe for integration to be completed.
Upon completion of integration, it is usual for merchants to take up to 2-6 weeks to cycle between their current card processing and ISX facilities, with a gradual ramp up thereafter taking a further 6-8 weeks.
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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