Borgun now verifying UBOs with iSignthis Paydentity
- Merchant UBO Verification service deployed to Borgun on a commercial basis
- iSignthis Merchant UBO Verification service to verify Borgun's persons with significant control
- Initial 2,500 merchant's UBOs to be remotely verified via iSignthis
iSignthis will be providing Borgun with our Paydentity(TM) Console merchant UBO and Person of Significant Control (PSC) verification service to verify the identity of merchant's key controllers, directors and Ultimate Beneficial Owners (UBOs). A merchant will have at least one person to be verified, with an estimated average of 2-3 UBO's and PSC's. The Paydentity(TM) Console service standard rate is circa EUR25/person, with Borgun having been discounted due to their aggressive expansion plans over the next year.
The 4th Anti Money Laundering Directive now includes a requirement to verify UBO's and PSC's, typically after they have been identified by the PSP via the new pan European UBO register initiative. This is a new requirement, that appears to be catching many PSP's, law and audit firms unawares as to their responsibilities.
Borgun have 35 years of experience in the issuing and acquiring sector in Iceland, with their main markets including; Europe, UK, Hungary, Czech Republic, Cyprus, and Nordics. They currently have 10,000 merchants verified with another 2,500 still to be verified.
Borgun have previously used manual methods to verify cross border UBOs, taking between 5 to 14 days to verify persons. Using iSignthis Paydentity, Borgun will be able to verify identified UBOs within minutes allowing for automated, remote onboarding globally.
iSignthis CEO John Karantzis' said, "We are extremely pleased to be delivering services to Borgun, Iceland's leading PSP. Paydentity solves the problem of UBO and person of significant control verification. Identifying UBO's is easy, thanks to the pan European UBO register initiative. Verifying the UBO, which is a new requirement under the 4AMLD, would take several days effort, and it can now be done in less than five minutes. This revolution in cost reduction and time savings is made possible by the Paydentity solution."
Identification: the means whereby a person is identified by name and other unique attributes, prior to those details being verified by a customer due diligence process.
Verification: the means whereby a persons details, including name, date of birth, address and other unique attributes having been previously identified, are verified via a customer due diligence process.
UBO: (Ultimate Beneficial Owner) Companies are increasingly expected to understand who they are doing business with. This serves to prevent doing business with mala fide parties. Any institutions that fall within the scope of the Anti-Money Laundering and Anti-Terrorist Financing Act must retrieve the identity of the UBO (the ultimate beneficial owner) of their business relations on a mandatory basis.
PSC: A Person of Significant Control (PSC) is anyone that exerts a significant influence or control over a company. They are identified as a PSC if they meet any of the following criteria: Hold more than 25% of a share in a company or have the right to participate in more than 25% of the surplus assets of a company.
We have 35 years of experience in the issuing and acquiring sector in Iceland. Our presence in the European market is growing rapidly and we are proud to have many household brands among our clients. Our goal is simple, to help your business grow. We know that for growing businesses swift, secure and simple payment processing is of primary importance. We offer a comprehensive range of products and resources, and experience for your business to draw upon. We can tailor solutions that fit your needs and you can rely on us to find the right electronic payment solution for your business. We are member of Visa Europe and MasterCard International and we also have exclusive agreements with JCB, Diners / Discover and Union Pay and Icelandic licenses for American Express. We are a licensed financial institution and regulated by the Financial Supervisory Authority in Iceland.
Read more about the company here: www.borgun.com
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a 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, electronic money 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 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, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.