UK Financial Conduct Authority approves AEMI
UK Financial Conduct Authority approves AEMI
London, Sep 14, 2020 AEST (ABN Newswire) - iSignthis Ltd (ASX:ISX) is pleased to announce that its wholly owned UK subsidiary ("ISXUK") was approved as an Authorised Electronic Money Institution (AEMI) by the UK's Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011.

Importantly, the AEMI provides ISX with full access and continuity to the key British market post BREXIT, and significantly extends the group's regulatory authorisations.

The FCA's UK authorisation allows ISXUK to issue, distribute and redeem electronic money, as well as to offer the complete range of payment services available under the Payment Services Regulations 2017.

ISXUK has also been granted the following payment services authorisations under the Payment Services Regulations 2017:

- Service Class 1 : Services enabling cash placement on a payment account

- Service Class 2 : Services enabling cash withdrawals from a payment account

- Service Class 3 : Execution of payment transactions (not covered by a credit line)

- Service Class 4 : Execution of payment transactions (covered by a credit line)

- Service Class 5 : Issuing payment instruments or acquiring payment transactions

- Service Class 6 : Remittance Services

o Account information services: authorised to retrieve account data from other banks and financial institutions

o Payment initiation services : authorised to initiate payments into or out of a user's account held with a third-party institution

ISXUK's authorisation to act as an Account Information Services Provider (AISP) is similar in concept to the Australian "open banking" Consumer Data Right (CDR) regulated by the Australian Consumer and Competition Commission.

The authorisation to act as a Payment Initiation Services Provider (PISP) allows ISX customers the benefit of "push" payments originating from any of their accounts held with any EEA based bank to be "pushed" to other directly to other bank accounts, including accounts issued by ISX. Where payments are directed to ISX issued business accounts, ISX's instant notification service (SIIN) uniquely provides a real time update of cleared and settled payments to business users via ISX's Probanx(R) platform. The combination of push payments and SIIN provides ISX business customers with a real time, chargeback free, faster settlement alternative that rivals card scheme acquiring services.

ISXUK will in the near future seek to connect to the UK's Faster Payment Service (FPS), which is the British equivalent to SEPA instant. FPS would be connected to ISX's Paydentity(TM) and Probanx(R) platforms to allow for a native Pound Sterling account and instant payment capability. Pound Sterling capability will then complement ISX's Euro (EUR) account issuing capability and SEPA instant connection via the Eurosystem Central Bank of Lithuania.


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.

     


Contact

Chris Northwood
Investor Relations Director
iSignthis Limited
chris.northwood@isignthis.com
+61 (0) 458 809 177

Media Enquiries
Mark Hawthorne
Director
Civic Financial Communications
mark.hawthorne@civicfinancial.com.au
+61 (0) 418 999 894

Investor Relations Europe
Dr Eva Reuter
Friedrich Ebert Anlage 35-37
Tower 185
60327 Frankfurt
e.reuter@dr-reuter.eu
+49 (0) 69 1532 5857



Related Companies

iSignthis Ltd    

ABN Newswire This Page Viewed:  (Last 7 Days: 19) (Last 30 Days: 155) (Since Published: 5491)