Regulatory Authorisation Extension for Payment Initiation Services in the EEA
Nicosia, Aug 31, 2023 AEST (ABN Newswire) - ISX Financial EU Plc ("the Company" or "ISXFEU") is pleased to announce that the Eurosystem Central Bank of Cyprus, has granted the Company an extension of its regulatory authorisations to include Payment Initiation Services (PISP), where such service is closely related to the issuance of electronic money.
This significant regulatory milestone allows ISXFEU to expand its service offerings within the European Economic Area (EEA) and aligns seamlessly with our UK-based www.paidbybank.com service. The extension of regulatory authorisations to provide Payment Initiation Services enhances our ability to cater to the evolving needs of our customers and further entrenches our position as a leading regional financial institution.
With this additional authorisation, ISXFEU is now well-positioned to provide innovative and efficient payment initiation services that enable our customers to initiate secure and seamless electronic money transactions within the EEA.
Nikogiannis Karantzis, the CEO ISX Financial said "We are excited to build upon our UK based www.paidbybank.com service and extend this to our clients across the EEA. The close coupling of electronic money and open banking, together with our API based transaction notification service means that PaidBy Bank is a true substitute for online card scheme based payments."
About ISX Financial
ISX Financial EU PLC is a 'banktech' company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company's combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance and payment processing capability.
ISXMoney's multi-Currency IBAN accounts coupled with PaidBy Bank instant open banking provide merchants with a tailored payment solution to reach any UK or EEA bank account holders.
ISX Financial's consumer product "flykk" is a digital wallet that combines all its financial technology and infrastructure to create a retail product. flykk(R) is a two-sided network developed on ISX's own platform that links both merchants and consumers around the globe to facilitate the processing of payment transactions. flykk(R) allows customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds, with the benefits of a Diners card for point of sale transactions.
ISX Financial's subsidiary Probanx(R) also develops payment infrastructure for third parties, and provides connectivity to central banks, banks around the world and major card schemes.