ISXPay Australian Card Processing Update
Melbourne, April 10, 2019 AEST (ABN Newswire) - Further to our announcement dated 6th February 2019, iSignthis Ltd (
ASX:ISX) ("the Company"), on behalf of its various Australian subsidiaries trading as ISXPay(R), is pleased to announce it has entered into more than 10 payment facilitation agreements for processing of cards, with merchants who are holders of Australian Financial Service Licenses (AFSL).
Highlights
- ISXPay(TM) now processing Australian merchants in $AUD, $USD, $GBP, $EUR, $SGD, $HKD
- Includes best of class multicurrency options to complement CFD, FX & Equity brokers
- Incorporates full Paydentity(R) platform, with electronic verification, DVS and our patented payment instrument verification (PIV), for rapid KYC onboarding to AUSTRAC safe-harbour requirements
The merchants are all established businesses, and operate within ISX's target processing GPTV range, and have accepted MSF% and terms consistent with our previously released announcements.
The Company's card processing arrangements are independent of iSignthis eMoney (AU) Pty Ltd.'s APRA ADI application, and services to these 10 Australian based merchants are expected to commence later this week.
The Company's initial focus in Australia has been on AFSL regulated merchants and market makers including CFD, FX, Binary and equities traders, where Paydentity(TM) and multicurrency operations provide a competitive advantage to the Company and our merchants. The technology behind Paydentity(TM) is patented and has now onboarded more than 1.6m persons to a KYC standard.
Multicurrency is a key differentiator between ISXPay and all other Australian ADI's who offer card acquiring, with the exception of the NAB which offers up to 8 currencies. ISXPay offers 16 currencies, including $AUD, $USD, $GBP, $EUR, $SGD, $HKD mentioned above. The NAB, and the other Big 4 ADI's, are not considered to be competitors in ISXPay's target merchant sector.
Qualified Australian merchants may also open EURO (EUR) denominated eMoney (EMA) IBAN accounts, with eMoney accounts available in other currency denominations, including USD$, GBPGBP, HKD$, SGD$, CAD$, AUD$ and CHF, by Q2 2019. Australian dollar denominated accounts will follow post successful APRA ADI licensing.
The Company will report on the size of its Australian book and actual (annualised) Gross Processed Turnover Value progressively and separately to its EU GPTV book, as the volumes and take-up are confirmed by actual transactions. The Company cannot at this stage estimate how rapidly the GPTV will grow in Australia, with trend data expected within 6-8 weeks.
The Company's Australian based sales team continues to seek out other merchants and merchants in other categories, with the Company poised for further growth in Australia.
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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