iSignthis (ISX), a payments identity company, has revealed exclusively to Finance Magnates that it will be launching a number of new products this month, as the company assures its customers that it’s business as usual.
As Finance Magnates reported, ISX is currently engaged in a legal battle with the Australian Securities Exchange (ASX) regarding the suspension of trading last year. Recently, the Federal Court of Australia denied the payments identity company interlocutory relief in its legal case against the ASX, allowing the exchange to post its reasons behind the suspension.
Following this, as well as its suspension from Visa, which its website shows was done by its anti-money laundering division, a number of rumors have surfaced from the media.
Speaking to Finance Magnates, the company said: “iSignthis rejects entirely that it has at any stage processed unlicensed operators, as it is contra to our AML policies. In fact, the operators at the centre of the dispute were licensed by ASIC and held Australian Financial Services License (AFSL), which iSignthis relied upon as part of its due diligence. Where an operator is suspended or loses their license from a regulator, then iSignthis has immediately terminated services.”
“iSignthis has strong AML processes, and is the only card acquirer possibly in the world that has active Know Your Customer’s Customer (KYCC) triggered on suspicious transactions. Unlike iSignthis, card acquirers almost always rely upon their merchants to conduct KYC as they do not have systems in place to perform KYCC.”
iSignthis product launch
Despite this, iSignthis has said that it will be launching a number of new products and services in May, which will include some serious upgrades to its eMoney services, which are targeted to support EU based operators.
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iSignthis is based in Australia, but also has operations in Cyprus via iSignthis eMoney Ltd, which is authorized by the Central Bank of Cyprus.
Under the new products, iSignthis will launch SEPA Instant with Instant Notifications (SIIN). Under this development, when money is received by clients’ ISX Money IBAN, it will be credited instantly, and customers will be notified by their relevant gaming or trading platform that the funds have been received via an API.
“SIIN has significant advantages over cards when it comes to the EURO. There are no chargebacks, and the €15k per transaction limit will increase to €100k from 1st July 2020,” the company said in a statement provided to Finance Magnates.
ISX to launch Flykk.it
In addition, the payments identity company also plans to launch its online and app-based eMoney service, Flykk, by late May. According to the company, Flykk will bring together the firm’s SEPA Instant and cards together with an eMoney service, which will allow for fast transfers of funds between its merchants and retail customers. In the future, iSignthis will be looking at issuing a Flykk debit card to allow for POS payments and ATM access.
This Wednesday, ISX also told Finance Magnates that it has recently been advised by a regulator in a major jurisdiction that it will be granted a new license to complement its Central Bank of Cyprus eMoney license.
“Our new license will allow us to support a further currency beyond EUROS via another central bank, and provide PSD services 2-6 plus issue eMoney and issue accounts. We remain focussed on payments, and providing back office systems to business, whilst supporting retail customer experience,” iSignthis said.