ISX Financial EU Plc Further EPO Patent To Granted
Nicosia, Aug 31, 2023 AEST (ABN Newswire) - ISX Financial EU Plc is pleased to announce that its wholly owned subsidiary, ISX IP Ltd, has been advised of a decision to grant a further European Patent 3651096 on the 13th September 2023.
The term of this standard patent is 20 years from 02 April 2010, being the priority date of the patent application.
The invention compares current transactional data with challenges that demonstrate access to the primary account, in order to determine if the person initiating a current transaction has authority to do so.
The invention has application across authentication and anti-money laundering applications, and can be implemented by means of a software verification agent located at any aggregation point in the payment's network.
Strong Customer Authentication (SCA) is a key component of the Payment Services Directive 2 (Directive (EU) 2015/2366), which also introduced "Open Banking" into the European Economic Area.
Commercialisation of the patent will be by Probanx Solutions Ltd, to coincide with the anticipated release of its updated core banking platform, CorePlus II in late 2023 / early 2024.
Patent can be be viewed by clicking on the link below.
About ISX Financial
ISX Financial EU PLC is a 'banktech' company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company's combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance and payment processing capability.
ISXMoney's multi-Currency IBAN accounts coupled with PaidBy Bank instant open banking provide merchants with a tailored payment solution to reach any UK or EEA bank account holders.
ISX Financial's consumer product "flykk" is a digital wallet that combines all its financial technology and infrastructure to create a retail product. flykk(R) is a two-sided network developed on ISX's own platform that links both merchants and consumers around the globe to facilitate the processing of payment transactions. flykk(R) allows customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds, with the benefits of a Diners card for point of sale transactions.
ISX Financial's subsidiary Probanx(R) also develops payment infrastructure for third parties, and provides connectivity to central banks, banks around the world and major card schemes.