12 merchants migrated to live on ISXPay Tier 1 since 29th January 2019
Client Funds being settled by ISXPay as independent Principal of Visa, Mastercard & JCB
Approved EMA IBAN accounts now exceed 50
Nicosia, 21st February 2019: iSignthis Ltd (ASX: ISX | FRA: TA8) (“The Company”) following its announcement dated 6th February 2019, is pleased to announce that it now has a number of merchants live on its own Tier 1 Visa, Mastercard and JCB facilities.
The Company’s wholly owned European neobank subsidiary, iSignthis eMoney Ltd (“ISXPay”), is now processing, clearing and settling in multiple currencies under its own Bank Institution Number (BIN) as a Principal member of the foregoing card schemes.
ISXPay now has more than 12 merchants ‘live’ on its own BIN, which it has onboarded commencing late January, with more of our contracted 30+ merchants going live over coming days and weeks. ISXPay now also has more than 50 approved EMA’s and has or is in the process of issuing International Bank Account Numbers (IBAN’s) to them under our Bank Institution Code (BIC) ISEMCY22XXX.
Client fund EMA inflow and processing volumes are growing as expected, with volumes expected to rise significantly Mid-March once our international SWIFT network is fully connected.
Merchant Onboarding Process
The Company has received queries from investors as to how the application process is commenced by merchants and managed by the Company. The European process is very similar to the Australian process described last week.
The underwriting process requires that the Company receives a completed Merchant Application Form (available from our website here), 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. with CySEC, FCA etc), directors, ownership structure, and ultimate beneficial owners in order to satisfy EC Directives including 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 underwriting 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 Baltic Banking Service (LT). iSignthis eMoney Ltd, trading as Flykk and ISXPay, is authorised by the Central Bank of Cyprus # 126.96.36.199 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