• ~12 regulated merchants have applied for facilities
• MCC 6211 (equities/trading/CFD/FX) is principal category of merchant applicants
• 3 Australian merchant contracts executed
Melbourne, 14th February 2019 – iSignthis Ltd (ASX: ISX | FRA: TA8) (“The Company”) following its announcement dated 6th February 2019, is pleased to announce that it has received a number of applications from Australian domiciled merchants for ISXPay’s transactional banking capabilities.
The Company has received more than 12 applications, mainly in Merchant Category Codes (MCC) 6211 (Equities/CFD/FX), with some MCC 7995 (Gambling). The Company has also executed 3 agreements in the MCC6211 category, with GPTV to be advised in due course post commencement of processing. These merchants will commence integration in coming days, with commencement of processing anticipated around 30 days. The first merchants are expected to commence processing during the first week of April 2019 with contribution to revenue in quarter 2 of FY/CY2019.
Merchant Onboarding Process
The Company has received a number of queries from investors as to how the application process is commenced by merchants and managed by the Company.
The underwriting process requires that the Company receives a completed Merchant Application Form (available from our website isignthis.com/documents), together with financial, incorporation and ownership details of the applicant. Underwriting may take as little as five days, or in some cases more than 30 days, depending upon complexity of the applicant’s ownership structure and information submission quality.
The Company verifies the Merchant’s incorporation, operating licenses (if applicable, e.g. AFSL), directors,ownership structure, and ultimate beneficial owners in order to satisfy AUSTRAC and Anti Money Laundering Regulation requirements. A financial assessment, including past processing performance is also conducted, with terms extended to the applicant usually in parallel with the underwiring process.
Once underwriting is satisfied, and an agreement is executed with security deposit received (if applicable),the merchant is granted credentials to the Paydentity™, ISXPay® and Probanx® API’s and dashboard.
Merchants have been known to complete integration in less than 3 business days, with around a month being the usual timeframe for integration to be completed. Upon completion of integration, it is usual for merchants to take up to 2-6 weeks to cycle between their current card processing and ISX facilities, with a gradual ramp up thereafter taking a further 6-8 weeks.
iSignthis®, ISXPay®, Probanx®, Flykk® & Paydentity™ are registered trademarks of iSignthis Ltd. iSignthis Ltd ABN 93 075 419 715 operating subsidiaries include iSignthis eMoney Ltd HE348009 (CY) , Authenticate BV KvK 62744968 (NL), Authenticate Pty Ltd ABN 49 600 573 233 (AU), Probanx Solutions Ltd (CY) & UAB Probanx Solutions (LT). iSignthis eMoney Ltd, trading as Flykk and ISXPay, is authorised by the Central Bank of Cyprus # 18.104.22.168 as an E.E.A Monetary Financial Institution. ℗ Patent applications pending/granted in Africa, Australia, Asia, The Americas, Europe and Oceania. WIPO Patent Application Nos: WO2011/120098, WO2016/094954, WO2016/101027, WO2016/187662, WO2018/090099, WO2018/170548