Four Major EEA/EU based merchants Contracted
- First four EU settlement merchants contracted, with estimated GPTV book value in excess of EUR200m annually (+A$310m)
- First revenue from EU merchants expected in March quarter
Total contracted settlement GPTV globally is in excess of A$400m/pa
The various agreements are deemed material, with a resulting positive contribution on revenue over the term of each of the evergreen agreements. The contracting process includes an extensive customer due diligence process per the stringent EU regulatory requirements, including identifying and verifying all beneficial owners with a greater than 10% stake in the contracting party.
The merchants are all within the derivatives, CFD and securities merchant category.
Merchants are citing iSignthis' patented Paydentity(TM) integrated payments and identity verification platform as a key reason for contracting with iSignthis.
Two of these four new merchants are in the final stages of integration, with the Company anticipating revenue contribution to commence within the March quarter, and revenue then scaling more fully throughout the June quarter.
Integration planning for the other two merchants is underway, and GPTV contribution of the merchants will be included with the appropriate update to market in the quarter that they become active.
Total contracted GTPV book value for the global iSignthis group settlement merchants is now in excess of A$400m, on an annualised basis. Merchant Services Fee (MSF%) is expected to average 100bps across the global GPTV.
Once integrated, the newly contracted merchants will build on the existing revenue base currently generated from payment processing, KYC and payment settlement of existing customers and merchants as previously reported in the quarterly reports and to be detailed further in the Appendix 4D for the 1HFY18 on Wednesday 28th February.
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 Worldwide and JCB International, and an aggregation partner of American Express.
Read more about the company at our website http://www.isignthis.com