ISXPay - Australian Card Processing Facilities
ISXPay - Australian Card Processing Facilities
Melbourne, Feb 6, 2019 AEST (ABN Newswire) - iSignthis Ltd (ASX:ISX), on behalf of its various Australian subsidiaries trading as ISXPay(R), is pleased to announce it has entered into a number of agreements with card schemes (Tier 1) and other parties Tier 2 & 3) to allow it to continue to provide and ramp up its payment processing, clearing and settlement ("card acquiring services") in Australia for all major card schemes, including Visa and Mastercard, as an alternative to its NAB arrangements.

Highlights

- ISXPay(TM) now accepting new merchants across multiple categories, including MCC 6211 and 7995

- 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

- First merchants expected to be processing by mid-March 2019

The Company's card processing arrangements are independent of iSignthis eMoney (AU) Pty Ltd.'s APRA ADI application, and services are expected to commence with processing of Australian merchants by Mid-March 2019.

The Company advises its current Visa and Mastercard payment facility ("PayFac") agreement with the National Australia Bank (ASX: NAB) will terminate effective 30th April 2019. The basis for the termination of the agreement with NAB is the NAB's revised "High Risk MCC Update" policy. The NAB will discontinue the processing of CFD's, FX, Equities, Remittance and Binary traders ("AML regulated sector merchants") under the policy as it has adopted a "no appetite' position for these sectors.

In support of the Company's own strategy to deliver to the AML regulated sector merchants, the Company has entered into direct (Tier 1) licensing agreements as a Principal acquirer with the following major card schemes;

- Mastercard

- Diners / Discover (anticipated go live late April 2019)

- China Union Pay (anticipated go live late July 2019)

- American Express (anticipated go live late April 2019)

The entire suite of card schemes will be available to qualified merchants (subject to ISXPay terms & card scheme rules) over the course of H1 2019. ISXPay also offers some 15 plus non-Australian dollar currencies for card settlement and acceptance.

The Company's focus is 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 1.5m persons to a KYC standard.

Qualified Australian merchants may also open EURO (EUR) denominated eMoney (EMA) IBAN accounts, with eMoney accounts available in other currency denominations, including USD$, GBP, HKD$, 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 contracted Gross Processed Turnover Value progressively and separately to its EU GPTV book. As contracted GPTV converts to actual processed GPTV, the Company will then report on processed GPTV volume. The Company's Sydney and Melbourne sales teams will also be seeking out other merchant categories as opportunity arises.


About iSignthis Ltd

iSignthis LtdAustralian Securities and Frankfurt Stock Exchange listed iSignthis Ltd (ASX:ISX) (FRA:TA8) is the global 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 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 Visa Inc, 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, Trustly, WeChat, AliPay and others.

UAB Baltic Banking Service, a wholly owned subsidiary of iSignthis Ltd, provides API based access to SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Central Bank of Lithuania's CENTROLink service.

Probanx Information Systems Ltd (Probanx(R)), a wholly owned subsidiary of iSignthis Ltd, is an international banking software company which has been serving the banking industry since the year 2000 by developing comprehensive banking software solutions to financial institutions around the globe. Probanx offers web-based banking solutions using the latest technology and international standard business rules. Our customers are located on five continents and supported from our technical centres in Europe and Australia.

iSignthis' Probanx delivers core banking software, including a fully comprehensive and versatile banking solution for retail, corporate and private banks, emoney and payment institutions, offering capabilities that up until now were affordable only by large commercial banks.

Read more about the company at our website www.isignthis.com and www.probanx.com

For investor information, please contact: investors@isignthis.com

     


Contact

Media: contact@isignthis.com

Investor Relations
Chris Northwood
Activ8Capital
T: +61-458-809-177
E: cnorthwood@isignthis.works or investors@isignthis.com



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