The Company's contracted merchants for Australian acquiring include XM.com, IC Markets, EuropeFX, ForexFS, DVMarkets, GMTMarkets, Tradedirect365 and others, some of which are already transacting and contributing to revenue.
The new merchant has a GPTV (Gross Processed Turnover Volume) of over AU$200m, and was most recently a NAB customer. It is anticipated that the merchant will come onstream and contribute to revenues within four to six (4-6) weeks. The aggregate contracted GPTV based upon the Company's due diligence review of historic merchant account statements, is now expected to be in excess of AU$880m across the EU and Australia, including JCB contribution.
The Company has been throttling back transaction flow to below its contracted GPTV merchant maximums, due to changes arising from Apple's policy of protecting user privacy and ensuring compliance with the EU's new privacy regulations known as the GDPR, and the previously reported third party functional and/or throughput limitations. Apple's decision to restrict third party cookies to enhance privacy affected devices globally using its Safari browser, and was announced with minimal notice by Apple. The iSignthis solution is now based on a 'cookie-less' approach that allows for our embedded iFrame payment solution to work within payment applications, as well as within all types of recent mainstream browsers.
ISXPay(R) throughput on Safari browsers is now restored in Australia and the EU as a result of resolving issues associated with Apple's blocking of third party cookies and cross site tracking on iOS and MacOS devices, and the Company is now ramping up transactional volumes and revenue flows.
Further increased throughput is anticipated as partners complete upgrades to their systems over the next few weeks, and the Company's own Tier 1 connections come onstream per the timetable announced last week.
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 3.5Bn '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' subsidiary, iSignthis eMoney Ltd, trades 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, an American Express aggregator, and provides merchants with access to payments via alternative methods including Poli Payments, Sofort, Trustly, WeChat, AliPay and others.
Read more about the company at our website http://www.isignthis.com
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