Identity verification and payment services provider, iSignthis has formed a payment aggregation deal with American Express Australia.
The RegTech 100 company’s subsidiary, iSignthis eMoney, has executed a payment aggregation agreement with AMEX, which will compliment ISXPay offerings to merchants in Australia, and will allow ISXPay to onboard merchants directly. Under the agreement, the company said it will purchase AMEX processing at a pre-agreed wholesale Merchant Services Fee (MSF) rate, and then is able to on-sell to merchants under its usual Merchant Services Fee (MSF) plus flat fee structure.
ISXPay provides a full range of gateway, risk management, risk avoidance and processing services for card transactions and alternative payment methods. It offers card acquiring under principal card scheme licenses, as well as routing and transaction processing to third party acquirers, via iSignthis’ PCI DSS Level 1 certified payment gateway.
It can process Visa, MasterCard, JCB, American Express, Diners, Discover and China Union Pay, with the Paydentity Gateway able to route transactions to preferred acquirers, including ISXPay or any of other partner.
The ISXPay service offering is further complimented by Trustly, Sofort and Polipayments, all of which are available as a pure payment service, or in conjunction with iSignthis’ Paydentity customer due diligence/eKYC platform.
Integration will commence on AMEX immediately, with approximately a three to four month integration and certification window before it can be made live to merchants. In the meantime until full integration is completed, ISXPay said is able to process AMEX transactions for a flat fee, but does not receive any MSF contribution.
Australian Securities Exchange and Frankfurt Stock Exchange cross list iSignthis provides remote identity verification, payment authentication and payment processing. Its solutions include an end-to-end onboarding service for merchants, with a unified payment and identity service via its Paydentity and ISXPay solutions.
iSignthis claims to deliver 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.
Earlier this year, the RegTech 100 company extended its agreement with XM.Com to include Electronic Know Your Customer (eKYC) for China. The RegTech said it has extended the scope of its Paydentity solution to XM.com to include provision of Chinese identity verification services, as a standalone service
Last year, iSignthis was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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