The Company's contracted merchants for Australian acquiring include XM.com, IC Markets, EuropeFX, ForexFS, DVMarkets, GMTMarkets, Tradedirect365 and others, some of which are already transacting and contributing to revenue.
The new merchant has a GPTV (Gross Processed Turnover Volume) of over AU$200m, and was most recently a NAB customer. It is anticipated that the merchant will come onstream and contribute to revenues within four to six (4-6) weeks. The aggregate contracted GPTV based upon the Company's due diligence review of historic merchant account statements, is now expected to be in excess of AU$880m across the EU and Australia, including JCB contribution.
The Company has been throttling back transaction flow to below its contracted GPTV merchant maximums, due to changes arising from Apple's policy of protecting user privacy and ensuring compliance with the EU's new privacy regulations known as the GDPR, and the previously reported third party functional and/or throughput limitations. Apple's decision to restrict third party cookies to enhance privacy affected devices globally using its Safari browser, and was announced with minimal notice by Apple. The iSignthis solution is now based on a 'cookie-less' approach that allows for our embedded iFrame payment solution to work within payment applications, as well as within all types of recent mainstream browsers.
ISXPay(R) throughput on Safari browsers is now restored in Australia and the EU as a result of resolving issues associated with Apple's blocking of third party cookies and cross site tracking on iOS and MacOS devices, and the Company is now ramping up transactional volumes and revenue flows.
Further increased throughput is anticipated as partners complete upgrades to their systems over the next few weeks, and the Company's own Tier 1 connections come onstream per the timetable announced last week.
About iSignthis Ltd
Australian Securities and Frankfurt Stock Exchange listed 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 meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) 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, and Australia.
ISXPay(R) is a principal member of Visa Inc, Mastercard Inc, 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.
UAB Baltic Banking Service, a wholly owned subsidiary of iSignthis Ltd, provides API based access to SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Central Bank of Lithuania's CENTROLink service.
Probanx Information Systems Ltd (Probanx(R)), 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.
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