Visa Inc Australian Principal Membership
Melbourne, Aug 8, 2019 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX)(TA8:FRA) ("The Company") is pleased to announce that it has entered into an Australian Principal Member licensing agreement with the Asia Pacific Singapore based regional subsidiary of Visa Inc (NYSE:V).
The agreement allows the Company to act as a merchant's card acquiring institution, and process card not present (online/remote) payments and make settlements on behalf of the merchant from cards issued anywhere globally by other Visa Principal or Associate member institutions. The Company generates revenue from its contracted merchants by charging a percentage fee known as the Merchant Discount Rate (MDR) on the sale amount processed on behalf of the merchant.
The overall value of the card processing market in Australia was $748,110,632,702 in 2017 across all card schemes, with the majority of that value being in retail point of sale as card present transactions.
Visa is a global payments technology company that enables fast, secure and reliable electronic payments, with more than 3.3Bn cards worldwide across 200 countries and territories, and capacity to process more than 65,000 transaction messages per second.
Visa's mission is to connect the world through the most innovative, reliable and secure digital payment network that enables individuals, businesses and economies to thrive. In addition to the card issuance and acceptance network, Visa has developed a number of innovations to support new ways to pay.
Principal membership of major card schemes is a complex process, with the Reserve Bank of Australia (RBA) regulating card payments and access by institutions to the major card schemes, including Visa.
Each card scheme must then be licensed individually, which in this case included Visa's assessment criteria requiring the Company to demonstrate the following:
- Fraud and security controls.
- Corporate and ethics governance.
- Sound business practices.
- (Relevant) Business strategy.
- Business continuity.
- Information consistency and security.
- Information conciliation.
- Services availability
The Company is also a Principal Member of Mastercard, ChinaUnionPay, Diners and Discover in Australia, with similar memberships in the European Economic Area (EEA). The Company has commenced its Australian Tier 1 interconnect build out to Visa, Mastercard, Diners and Discover, and has built, owns and operates its own card processing network in the EEA.
John Karantzis, CEO of iSignthis said, "The Company is pleased to extend its principal member relationship with Visa into multiple regions, incuding the EEA and Australia. This agreement also paves the way for iSignthis to expand within the Asia Pacific region in due course, through its relationship with the Visa Singapore regional office."
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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