ISXPay Now Processing SEPA Instant Payments Across the EEA
ISXPay Now Processing SEPA Instant Payments Across the EEA
Melbourne, Mar 5, 2020 AEST (ABN Newswire) - iSignthis Ltd (ASX:ISX) (FRA:TA8) is pleased to announce that it is the first Central Bank of Cyprus authorised institution to enable SEPA (Single Euro Payments Area) Instant payments processing for its customers, via its ISXPay(R) payments network. Business and retail customers can now benefit from instant p2b, p2p, b2b and b2p payments, between any points within the European Economic Area (EEA).

Customers are able to instantly transfer up to EUR15,000, which will arrive in a beneficiary's account within a maximum of 10 seconds.

iSignthis' Managing Director and CEO, John Karantzis said "We are delighted to announce that we now offer real-time payments as part of our services. The ever-increasing demand from our customers for instant payments capabilities has made SEPA Instant a focal point for us. We are delighted to add value to our payment processing services with SEPA Instant and continue to meet our clients demands."

Further applications for the service beyond ecommerce p2b, p2p, b2b and b2p payments include retail customer instant funding of trading of securities listed on the NSXA, via participants linked to the recently announced ClearPay joint venture. SEPA instant is also integrated to the flykk(R) ecosystem, which includes multi-currency GBP, AUD, Euro, HKD, JPY and USD payment options.

ISXPay(R) will introduce instant and same day multi-currency payments capabilities to Australian AFSL securities brokers by June this year, with a priority on NSXA participants. The ISXPay(R) service is a competitive and independent alternate payment service to the ASX owned Austraclear monopoly and will be available to both ASX and NSXA participant brokers. Unlike Austraclear, ISXPAY(R) will allow brokers access to same day retail funding of trades.

The Company elected to focus its resources on deploying SEPA instant in preference to SWIFT services, as volumes in SEPA instant are expected to be higher, with the Company's business customers expressing a preference to prioritise instant services.

The company will be using EBA CLEARING's RT1 to allow users to transact while utilising Central Bank of Lithuania's CENTROLink system for SEPA Transfers. The service is based on the ISO20022 protocol, and is available 24/7, 365 days a year. iSignthis has incorporated real time sanctions and law enforcement watchlist screening and monitoring, in order to comply with anti- money laundering requirements. iSignthis' Probanx division developed the software and service inhouse, and it is also available to Probanx customers as a SaaS.

About iSignthis Ltd

iSignthis LtdiSignthis 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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