RegTech100 company iSignthis has achieved certification for its JCB Card acquiring service across the European Economic Area (EEA).
The Australian Securities Exchange and Frankfurt Stock Exchange cross listed company was granted an acquiring license by JCB last year. It has since developed and certified its Tier 1 connection using its own in-house team of software developers.
A number of contracted merchants are ready to switch on JCB acceptance, with the company now actively marketing JCB acceptance to new and existing merchants. The already contracted merchants will be going progressively live over the next 2-6 weeks, with an initial GPTV in excess of $50m.
CEO John Karantzis said: “We anticipate an immediate boost to our GPTV of circa $50m pa initially coming onboard in the next few weeks, with up to $300m pa over the next six months.”
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. Over the last few year the card issuer has been expanding its issuing reach into the EU, the US, Russia, China, Korea, Philippines, Indonesia and South America.
“Our agreement with JCB allows us to accept cards for merchants in all category codes, including the trading/securities/CFD/FX brokers (MCC6211), as well as the cryptocurrency exchanges (MCC6051),” Karantzis added.
“The latter is of particular interest, given that bitcoin is accepted as “means of payment that is not a legal currency” in Japan. The addition to the JCB network of our EU based merchants and their bitcoin liquidity pools will create new access opportunities for Japanese JCB card holders, as well as for those outside Japan – with Paydentity making the opportunity viable by providing the identity and card not present antifraud solution.”
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.
The company 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 three to five minutes.
“This is a unique proposition that only iSignthis can offer, and many of our merchants (and prospective ones) have been eagerly looking forward to JCB acceptance with Paydentity,” said Karantzis. “ A number of our EU based merchants are already contracted with ISXPay to accept JCB, and we will be pushing the benefits of JCB to our other contracted merchants, as well as to new merchants.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
