Company Name: iSignthis
Announcement Date: 18/10/2017
Announcement Category: Contract/Partnership, Product launch/update
Announcement Content:
Highlights:
- Web Shieldâs Know Your Customer Corporate/Business (KYCB) InvestiGate Platform to feature Know Your Customer (KYC) for individual UBOâs, PSCâs and Directors
- iSignthis Service to be enabled for all Web Shield customers globally from Nov 2017
- Web shield will actively promote iSignthis Paydentity through the InvestiGate platform to existing and new customers.
Melbourne, 18th October 2017: Australian Securities and Frankfurt Stock Exchange cross listed iSignthis Ltd (ASX : ISX / FRA :TA8), the global leader in RegTech for identity verification, is pleased to announce that it has executed an agreement to integrate its Paydentity⢠UBO Service with Web Shield Ltdâs InvestiGate platform.
Web Shield is a world leader in Know Your Customer Corporate/Business (KYCB) Customer due diligence services, which focusses verifying legally incorporated entities, corporations, clubs, trusts and associations. Each of these entities will ultimately have one or more natural person behind them, who also needs to be identified and verified. The InvestiGate platform currently identifies the natural person, but does not incorporate KYC services that can verify the individual natural persons who comprise the Ultimate Beneficial Owners (UBO), Persons of Significant Control (PSC) or directors of the entities being subjected to due diligence by its customers.
iSignthis integration to Web Shieldâs platform will allow InvestiGate customers to also benefit from the unique Paydentity⢠KYC Solution, whereby the unification of KYCB and KYC individual will be a worldâs first to offer complete end to end customer due diligence services automatically. Verification of natural persons has until now been a largely manual process, that requires extensive time and persistence to complete.
Web Shield is an official MasterCard Merchant Monitoring Service Provider (MMSP), and serves the global market of acquiring banks and payment service providers. Web Shield currently serves over 140 clients all around the globe, with their current customer base mainly in the US, UK, Europe and the CIS countries.
âWe saw the exceptional work done by iSignthis on Paydentity⢠and instantly knew that we had to integrate it into our InvestiGate underwriting platform,â said Web Shield CEO and Founder Christian Chmiel. âThis partnership provides our customers with another valuable tool to mitigate risk in their merchant portfolio. Whilst Web Shield has been a global company from the beginning, the ideas behind its solutions were first developed in the Compliance departments of Germanyâs expanding merchant acquirers of the late 2000âs. Today, Web Shield counts the majority of Germanyâs international acquiring business and globally-minded payment service providers among their customers â which was one of the deciding factors for moving its headquarters to Leipzig in 2015.â
iSignthis CEO John Karantzis said, âWe are delighted to be delivering wholesale identity services to Web Shield. Paydentity⢠solves the verification problem of UBO/PSCâs globally, and together with InvestiGate, forms the worlds most advanced customer due diligence platform, targeting natural and legal entities. The partnership with Webshield is strategic, allowing iSignthis to deliver core product into an adjacent market sector, as well as establishing a means to penetrate the German market.â
John Karantzis further said âThe 4th Anti-Money Laundering Directive (4AMLD) now includes a requirement to verify UBOâs and PSCâs typically after they have been identified as being associated with an entity by Webshield or other means. This is a new requirement that incorporates AML regulated sector businesses including marketplaces, trading sites, payment service providers, acquiring banks, and law and audit firms. Verifying the UBO/PSC, which is a new requirement under the 4AMLD, would take several days effort, and it can now be done in less than five minutes. This revolution in cost reduction and time saving is made possible by the Paydentity⢠solution.â
Since the 2011 Financial Crises US banks alone have incurred compliance fines of approximately US$119 Bn whereas the total global market for KYC for business compliance is thought to be US$70Bn (Source ASX : KYK)
Announcement URL: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01909248
About iSignthis:
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 ISXPayÂŽ 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 worldâs 4.2Bn âbank verifiedâ 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]
