RegTech100 company iSignthis, which provides identity verification and payment services, has agreed to acquire an EU-based core banking platform.
iSignthis said the business has been in operation for more than a decade, and services more than fifteen (15) prudentially regulated entities across the EU, Asia and North America, with regards to their core banking platform requirements.
Its core banking services have recently been certified, and iSignthis intends to augment the offerings by the business by adding its card processing modules as they also become progressively certified, including Visa, Mastercard, JCB and others. The Business’ revenue model is at present based upon a software licensing model, however, iSignthis plans to adapt the revenue model to a Software as a Service (SaaS).
It provides iSignthis with a core Banking Platform, E-banking (Client Portal), a mobile banking application, a loans & mortgages module, portfolio management, IBAN Validation API, integration between ATM and POS switches, and wire payments.
The RegTech’s EMA services will be integrated to the certified services as soon as readily possible, allowing its business customers and merchants access to the features of the core banking platform. The Business shall operate as an independent business unit, sharing legal, treasury, and HR functions with the parent and sister companies.
John Karantzis, CEO of iSignthis said “The addition of a proven core banking platform will allow ISXPay to accelerate its eMoney Account (EMA) portfolio rapidly, and to provide enhanced services to its business and prospective retail customers. The already certified integration to SWIFT and SEPA will save significant time for the Company, and will allow ISXPay to integrate quickly into our Central Banking facilities. The certified Tier 1 card scheme software developed by iSignthis inhouse will also be available as a licensed or SaaS service from the Business, complementing the core banking offering and strengthening the value proposition to small banks and PSPs.”
Signthis 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.
iSignthis recently 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.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
