Visa Principal Licensing for the Australian Market
Melbourne, 8thAugust 2019
iSignthis Ltd is pleased to announce that it has entered into an Australian Principal Member licensing agreement with the Asia Pacific Singapore based regional subsidiary of Visa Inc (NYSE: V).
The agreement allows iSignthis to act as a merchant’s card acquiring institution, and process Card-Not-Present (online/remote) payments and make settlements on behalf of the merchant from cards issued anywhere globally by other Visa Principal or Associate member institutions.
Being directly connected with Visa for the Australian market as well, means that our merchants benefit from a faster and integrated payment cycle in more geographic regions.
Principal membership of major card schemes is a complex process, with the Reserve Bank of Australia (RBA) regulating card payments and access by institutions to the major card schemes, including Visa. Each card scheme must then be licensed individually, which in this case included Visa’s assessment criteria requiring the Company to demonstrate the following:
Fraud and security controls.
Corporate and ethics governance.
Sound business practices.
(Relevant) Business strategy.
Information consistency and security.
iSignthis is also a Principal Member of Mastercard, UnionPay, Diners and Discover in Australia, with similar memberships in the European Economic Area (EEA). Our company has commenced its Australian Tier 1 interconnect build out to Visa, Mastercard, Diners and Discover, and has built, owns and operates its own card processing network in the EEA.
John Karantzis, CEO of iSignthis said:
“The Company is pleased to extend its principal member relationship with Visa into multiple regions, incuding the EEA and Australia.This agreement also paves the way for iSignthis to expand within the Asia Pacific region in due course, through its relationship with the Visa Singapore regional office.”
Visa is a global payments technology company that enables fast, secure and reliable electronic payments, with more than 3.3Bn cards worldwide across 200 countries and territories, and capacity to process more than 65,000 transaction messages per second. Visa’s mission is to connect the world through the most innovative, reliable and secure digital payment network that enables individuals, businesses and economies to thrive. In addition to the card issuance and acceptance network, Visa has developed a number of innovations to support new ways to pay.
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 # 188.8.131.52 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