Highlights

• First merchant now live and processed via ISXPay’s own Principal member Tier 1 connections
• Settlement of merchant funds to ISXPay issued IBAN based account
• Funds held with zero credit risk under EU’s “Eurosystem” Central Banking system
• First ASX listed fully authorised EU neobank with deposit taking & payment capabilities
• Australian ADI facilities to follow within months

iSignthis is pleased to announce its first merchant has gone live on its own integrated and unified neobanking platform comprising principal acquiring platform for Visa, Mastercard and JCB, with fund settlements being deposited to ISXPay issued ISEMCY22 International Bank Account Numbers (IBANs).

John Karantzis, CEO of iSignthis Ltd, said “We have passed yet another milestone, where our first EU based merchant is using our unified transactional banking, deposit functions and bank to bank transfer functions. The Paydentity platform is performing the identity verification, ISXPay is performing the payment processing and settlement, and Probanx.com is performing the journaling of the settlement deposits from ISXPay, with ISXPay executing outbound transactions. Our merchants will have full visibility of their settlement flows, monies on deposit, fees and transactions by logging into their Probanx.com dashboard. Merchants can now electronically transfer funds within the SEPA banking network to make supplier, payroll, utilities, tax, pension and other payments direct from their ISXPay EMA business IBAN facilities. We will be making use of the last few weeks of 2018 to ensure that all of our systems operate as expected, and we will be driving services and revenues with our contracted merchants from 2019. We are also now pushing hard to deploy our Australian capabilities, for which we anticipate to be making significant progress in the near future. Our focus as a neobank is on delivering transactional banking with deposit taking facilities to regulated entities in the EU and Australia.”

We have been developing our merchant and business focussed neo-banking capabilities since 2015, commencing initially with our patented identity verification service on the Paydentity™ platform, and then progressing to being an EU/EEA authorised eMoney Institution in early 2017, followed by principal licensing of Visa, Mastercard, JCB, Diners, Discover, China UnionPay and AMEX as payment capabilities, with Eurosystem central banking facilities and SEPA going live in the last two weeks.

The Company has also applied for an Australian ADI license directly, bypassing the ‘restricted ADI’ step, with APRA authorisation anticipated early Q2 2019. The Company has already been granted Australian licensing under the Reserve Bank of Australia “Card Access Regime” by Mastercard, with Amex, Diners, Discover and China Unionpay also licensed. Application for Reserve Bank of Australia ESA accounts has also been submitted.

For the full official announcement, click here