- Annual Card Transactions in excess of $62m to be processed, cleared and settled to merchants bank accounts by ISXPay
- Net Margin in excess of 80 basis points
- Anticipated annualised Gross Profit in excess of $660,000 for card acquiring related aspect of agreements.
Card Acquiring: Processing & Settlement Services
The total card acquiring 'book' value is now in excess of $62m per annum of transactions to be processed and settled by ISXPay directly to the merchant's bank account. An average net margin of 0.80% for provision of card acquiring / payment facilitation & settlement services is applicable across the total contracted value of $62m.
Transactional fees charged are at a weighted average of 23c/Tx.
ISXPay services will typically commence circa 6-8 weeks from execution of merchant contract, and contracts are for a minimum of 2 years and evergreen unless terminated. Further merchants are expected to go live next week, and will be announced on a merchant by merchant basis.
The Contracts are expected to deliver an annualised gross profit in excess of $660,000, (once all merchants are live and transacting), across the two key revenue silos of 'processing' and 'settlement' identified in Investor Update dated 31st July 2017. The revenue silo of 'identity and payment instrument verification' cannot be estimated at this point in time against these customers, as aggregated customer metrics are not as yet available.
The Company announced on the 8th August 2016 an agreement with the National Australia Bank (
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is the global RegTech leader in remote identity verification, payment authentication and payment processing. 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' and its subsidiary, iSignthis eMoney Ltd, trade as ISXPay(R), and are an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, Australia and New Zealand.
ISXPay is a principal member of Visa Inc, Mastercard Worldwide and JCB International.
Read more about the company at our website http://www.isignthis.com