Company Name: iSignthis
Announcement Date: 06/02/2019
Announcement Category: Contract/Partnership
• ISXPay™ 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® 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
Melbourne, 6th February 2019: iSignthis Ltd (“the Company”), on behalf of its various Australian subsidiaries trading as ISXPay®, 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.
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;
• 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™ and multicurrency operations provide a competitive advantage to the Company and our merchants. The technology behind Paydentity™ is patented and has now onboarded more than 1.5m persons to a KYC standard.
Qualified Australian merchants may also open EURO (€) 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.
Announcement URL: https://www.asx.com.au/asxpdf/20190206/pdf/442dl6w5fwswm6.pdf
Australian Securities and Frankfurt Stock Exchange listed iSignthis Ltd (ASX : ISX / FRA : TA8) is the only neobank focussed on making business banking simpler. We are the global leader in remote identity verification, payment authentication and payment processing to meet AML/CFT requirements. iSignthis provides an end-to-end on-boarding service for merchants, with unified deposit taking, IBAN accounts, payments, card acquiring and identity service via our Paydentity and ISXPay® solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard. We offer global reach to any of the world’s 4.2Bn ‘bank verified’ card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.
iSignthis is the trusted back office solution for regulated entities, allowing our customers to stay ahead of the regulatory curve and focus on growing their core business.
We are a principal of Visa, Mastercard, JCB, ChinaUnionPay and AMEX.
Go to Company Profile for: iSignthis
Announcement Contact: [email protected]