Diners Club International & ISXPay Acquiring License
- ISXPay will offer card acquiring services to merchants for Diners and Discover branded cards
- eCommerce/online merchant acquiring agreement
- Territory Australia, EU with global opportunity, excluding North America.
Diners Club International Ltd. is a direct banking and payment services company owned by Discover Financial Services (NYSE:DFS), with local website at http://www.dinersclub.com.au
The agreement allows iSignthis group companies, located in Australia, the EU and elsewhere in the world (except North America), by arrangement to acquire Diners Club and Discover Network branded cards directly, as an online (Tier 1) acquirer.
The agreement provides for iSignthis to acquire all types of online and eCommerce merchants, including MCC 6051 'quasi cash' merchants and MCC7995 gambling merchants.
The business model is similar to iSignthis' other major card schemes agreements, and is based upon the merchant paying iSignthis a percentage rate of the processed transaction value, comprising the Merchant Services Fee plus a Diners club set Program Transaction Amount (PTA). The PTA fee is payable to Diners Club, and varies by jurisdiction, and is conceptually alike to an interchange fee, as set by other card schemes. The Merchant Services Fee represents iSignthis' Gross Profit on each transaction.
John Karantzis, CEO of iSignthis Ltd said, "The addition of the Diners Club and Discover Network to our card acquiring services means that we now have agreements with all the major, global card schemes. We are excited to be working with Diners and Discover, and extending card the reach of their card acquiring services into the European Union, Australia and other territories, as we grow."
A direct ISXPay to Diners Club Tier 1 Technical integration will commence shortly. The Company will advise service live dates during 2019, with Diners and Discover acquiring expected to contribute to revenues during CY/FY2019.
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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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