iSignthis Ltd, a payment and identity verification technology company, announced today that it has entered into a number of new agreements with card schemes and other parties, to combat the upcoming termination of its cooperation with the National Australia Bank (NAB).
According to the statement, which was made on behalf of its Australian subsidiaries trading as ISXPay, NAB will no longer process payments for foreign exchange (forex), contracts for difference (CFD), equities, remittance, and binary options traders.
NAB Adopts “No Appetite” for FX
NAB will discontinue these services under the revised “High Risk MCC Update” policy, in which it has adopted a “no appetite” position for these trading sectors, the statement said. As a result, iSignthis’ Visa and Mastercard payment facility (PayFac) agreement with NAB will terminate as of April 30, 2019.
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The new agreements announced today will allow the company to continue to provide its services in the country ranging from payment processing and clearing and settlement for all major card schemes, including Visa and Mastercard, without the partnership with NAB.
This means clients of ISXPay, which the company has stated the “overwhelming majority” of which are CFD and forex brokers and market makers will be able to continue to process, clear and settle trade transactions.
iSignthis Partners with Tier 1 Card Schemes to Combat NAB Absence
Specifically, FX and CFD brokers and other clients of ISXPay will have access to a range of major card schemes, as iSignthis has entered into direct licensing agreements as a Principal acquirer with Mastercard, Diners/Discover (anticipated go live late April 2019), China Union Pay (anticipated go live late July 2019) and American Express (anticipated go live late April 2019).
“The entire suite of card schemes will be available to qualified merchants (subject to ISXPay terms & card scheme rules) over the course of H1 2019. ISXPay also offers some 15 plus non-Australian dollar currencies for card settlement and acceptance,” the statement said.