iSignthis to provide payment processing services for major card schemes in Australia

Payment and identity technology company iSignthis will continue to provide payment processing, clearing and settlement services in Australia for all major card schemes, including Visa and Mastercard.

Following agreements with a variety of card schemes and other parties, the RegTech will continue to process payments as an alternative to its NAB arrangements.

Currently, iSignthis advises Visa and Mastercard payment facility agreement with the National Australia Bank (NAB), which will end at the end of April. Following the conclusion of this agreement, NAB will discontinue the processing of CFD’s, FX, Equities, Remittance and Binary traders.

Decision to do this was made under its new policy which sees it no longer want a position in these sectors.

In a bid to help these AML regulated merchants, the company will act as the principal acquirer for Mastercard, Diners / Discover, expected go live late April 2019, China Union Pay, which is anticipated go live late July 2019, and American Express estimated go live late April 2019.

The company will use its ISXPay payment processing technology which offers card acquiring. As part of the processing, the company will be leveraging its electronic verification services of Paydentity to ensure accelerated KYC onboarding.

All of the card schemes will be made available to qualified merchants over the course of H1 2019. ISXPay also offers 15 plus non-Australian dollar currencies for card settlement and acceptance.

iSignthis will focus on the AFSL regulated merchants and market makers such as CFD, FX, Binary and equities traders.

Qualified Australian merchants will potentially able to open Euro denominated eMoney IBAN accounts.

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