E Money Accounts (EMA)
The Company is pleased to announce that it has launched a tailored business to business Euro (EUR) based transactional banking service, aimed at providing a service to its AML regulated merchant base and affiliate networks.
EMA represents a new revenue stream, which is independent of our payment processing services, but which may supplement payment services by Clients.
The EMA allows merchants to retain funds on deposit with iSignthis, and utilise those funds to make payments to 'suppliers' including affiliates, sub affiliates, marketing companies, advertising providers, utilities, service providers, personnel and government agencies.
'Suppliers' are AML screened by iSignthis, and a number of payout options are available including SWIFT, SEPA, and Original Credit Transaction to a Visa card.
The EMA has been designed to fill a niche requirement for Clients in the AML regulated sector businesses, in particular the small to mid-scale CFD, FX and Gaming industry, where retail banking facilities do not provide reasonable operating solutions.
The business model is based upon iSignthis charging a percentage fee on all inflow of monies, and a fixed fee for outflow via SEPA and SWIFT. OCT is charged as a combination of fixed and percentage fee for payments outbound.
The Company's 'active' transactional banking solutions now include;
- processing of cards inbound for Visa and Mastercard
- processing of BPAY & EFT (direct debit) payments inbound
- a number of Alternative Payment methods such as PoliPayments, Trustly and Sofort.
- outbound OCT payments across the Visa network for MCC6211 (Brokers) and Visa & Mastercard for MCC7995 (Gaming/Wagering/Gambling)
- EMA deposit facilities with SWIFT, SEPA and OCT outbound facilities.
The Company has already contracted two clients to the new facility, with a number of additional merchants under negotiation.
Clients are contracted in the range of 100bps to 450bps against fund inflows, dependent upon which other ISXPay(R) services are also contracted by the Client as a merchant, and overall deposit volumes.
EMA funds inflow is expected to be in the order of EUR2-5m/ month against current contracts.
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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 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 Inc, Mastercard International and JCB International.
Read more about the company at our website http://www.isignthis.com