Four Major EEA/EU based merchants Contracted
- First four EU settlement merchants contracted, with estimated GPTV book value in excess of EUR200m annually (+A$310m)
- First revenue from EU merchants expected in March quarter
Total contracted settlement GPTV globally is in excess of A$400m/pa
The various agreements are deemed material, with a resulting positive contribution on revenue over the term of each of the evergreen agreements. The contracting process includes an extensive customer due diligence process per the stringent EU regulatory requirements, including identifying and verifying all beneficial owners with a greater than 10% stake in the contracting party.
The merchants are all within the derivatives, CFD and securities merchant category.
Merchants are citing iSignthis' patented Paydentity(TM) integrated payments and identity verification platform as a key reason for contracting with iSignthis.
Two of these four new merchants are in the final stages of integration, with the Company anticipating revenue contribution to commence within the March quarter, and revenue then scaling more fully throughout the June quarter.
Integration planning for the other two merchants is underway, and GPTV contribution of the merchants will be included with the appropriate update to market in the quarter that they become active.
Total contracted GTPV book value for the global iSignthis group settlement merchants is now in excess of A$400m, on an annualised basis. Merchant Services Fee (MSF%) is expected to average 100bps across the global GPTV.
Once integrated, the newly contracted merchants will build on the existing revenue base currently generated from payment processing, KYC and payment settlement of existing customers and merchants as previously reported in the quarterly reports and to be detailed further in the Appendix 4D for the 1HFY18 on Wednesday 28th February.
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is the global RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.
iSignthis Paydentity service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, Australia and New Zealand.
ISXPay is a principal member of Visa, Mastercard, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, Trustly, WeChat, AliPay and others.
Probanx Information Systems Ltd (Probanx), a wholly owned subsidiary of iSignthis Ltd, is an international banking software company which has been serving the banking industry since the year 2000 by developing comprehensive banking software solutions to financial institutions around the globe. Probanx offers web-based banking solutions using the latest technology and international standard business rules. Our customers are located on five continents and supported from our technical centres in Europe and Australia.
iSignthis' Probanx delivers core banking software, including a fully comprehensive and versatile banking solution for retail, corporate and private banks, emoney and payment institutions, offering capabilities that up until now were affordable only by large commercial banks.