Payment and identity technology company iSignthis has purchased core banking system vendor Probanx Information Systems.
The Australian Securities Exchange and Frankfurt Stock Exchange cross listed RegTech has paid €400,000 (€300,000 in cash and €100,000 in shares) to purchase 100% of the Cyprus-based company.
Founded in 2000, Probanx develops banking software solutions to financial institutions around the globe. The company has 15 customers scattered across the EU, Asia and North America. These include Societe Generale Bank, Novum Bank, Cayman National Bank, Housing Finance Company, Luxburg Carolath Group and Frux Private Bank, among others.
In addition to its core banking platform, the company plans to add a card processing module later this year or next year once the vendor becomes scheme certified by Visa, Mastercard and JCB.
At present, Probanx’s revenue model is predominantly based upon a software licensing model with annual maintenance fees, with licensed software installed on local servers operated by the banking client. However, iSignthis expects that the Probanx revenue model can be readily adapted to also include a Software-as-a-Service (SaaS) model, which can be hosted as part of the company’s cloud infrastructure.
John Karantzis, CEO of iSignthis said “We are delighted to have concluded the acquisition of Probanx Information Systems, which we believe is an excellent addition to the overall iSignthis SaaS solution. ISXPay’s certified Tier 1 card processing software will also conversely be available as a SaaS service from Probanx in due course, complementing the core banking offering and strengthening the value proposition to small banks and PSPs. The addition of a proven core banking platform will also allow our operating arm, ISXPay, to grow its eMoney Account (EMA) products rapidly, and to provide enhanced services to its customers.”
The company intends to leverage Probanx software platform to allow ISXPay to issue IBAN and journal EMA accounts to its merchants within weeks, with EURO (€) funds deposited at its central bank account. Probanx will operate as an independent business unit, with Chris Georgiou staying on as a director and managing the business.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
