iSignthis Launches SEPA Instant Payments

Australian identity verification technology company iSignthis is boosting its real-time Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term offering with the launch of Sepa Instant in Europe. The move rounds out the troubled fintech's real-time payment capabilities in different currencies via its ISXPay(R) payments network.

As it touts its new service in the area, iSignthis said it is the first institution authorized by the Central Bank of Cyprus to enable instant p2b, p2p, b2b, and b2p payments, between any points within the European Economic Area (EEA).

"SEPA instant is a more efficient and obviously faster means to transfer EUROS (€), which we anticipate will allow us to grow our transactional base much faster than the use of SWIFT. The majority of our SWIFT traffic was for EUROS (€), and the 2-3 days clearing meant that customers would more likely wait to 'batch' payments," it further explains.

The company added that clients would benefit from immediate payment finality, with their single transfer of up to EUR 15,000 would be available in the beneficiary's account within no more than 10 seconds.

iSignthis brushes off regulators' concerns

In turn, the new service boosts iSignthis's revenues associated with their EMA product and provides an alternative to the SWIFT service. This business segment was hit after one of iSignthis's customers was ordered to stop all operations by the German authorities, a move likely to dent the group's revenues.

iSignthis, which offers KYC technology and payment platform services to a range of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term providers, has been hit recently with more bad news. The company's stock has been suspended from trading on the Australian bourse since October 2019.