The subsidiary of iSignthis, iSignthis eMoney Ltd (ISXPay), announced this Thursday that the first merchant has gone live on its newly integrated neobanking solution, bringing together the company’s Tier 1 platforms – Paydentity, ISXPay, and Probanx.com.
The merchant, which is based in the European Union (EU) is now using the company’s unified transactional banking, deposit functions and bank to bank transfer functions. Specifically, the Paydentity platform performs the identity verification, while ISXPay processes and settles payments and executes outbound transactions and Probanx.com journals the settlement deposits from ISXPay.
The target customers for iSignthis and its subsidiaries are foreign exchange (forex), contracts for difference (CFD), and equities brokerages, as well as businesses in the wagering and gaming industries.
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Commenting on the announcement, John Karantzis, CEO of iSignthis Ltd, said: “Our merchants will have full visibility of their settlement flows, monies on deposit, fees and transactions by logging into their Probanx.com dashboard. Merchants can now electronically transfer funds within the SEPA banking network to make supplier, payroll, utilities, tax, pension and other payments direct from their ISXPay EMA business IBAN facilities.”
ISXPay Payments Platform Years in the Making
iSignthis and its subsidiaries have been working towards this streamlined solution since 2015, the statement released today said. The process originally began with its identity verification service through the Paydentity platform, which then progressed to an EU/EEA authorized eMoney institution at the beginning of last year.
Recently, the company has secured licensing rights of Visa, Mastercard, JCB, Diners, Discover, China UnionPay and AMEX as payment capabilities in the past two weeks. Last Thursday, Finance Magnates reported that ISXPay’s bank to bank transfers and deposit-taking capabilities went live.
“We are also now pushing hard to deploy our Australian capabilities, for which we anticipate to be making significant progress in the near future. Our focus as a neobank is on delivering transactional banking with deposit taking facilities to regulated entities in the EU and Australia,” Karantzi added.