iSignthis Completes Key Milestone in ADI Licence Application

iSignthis Ltd, a payment and identity verification technology company, announced this Thursday that it is one step closer to receiving its Authorised Deposit-taking Institution (ADI) license in Australia, by receiving third-party verification of its core banking system.

Through its subsidiary iSignthis eMoney (AU) Pty Ltd, the company has applied to perform certain aspects of banking as a Provider of a Purchased Payment Facility (PPF Provider) from the Australian Prudential Regulation Authority (APRA), which requires an ADI license.

APRA requires all ADI license applicants to demonstrate a working core banking platform. To meet this requirement, iSignthis acquired the Probanx Coreplus core banking platform back in September of last year.

However, in order to meet the requirements of the APRA, all firms must meet the prudential standard CPS 234, which requires third-party verification of an operative and compliant core banking system.

Today, iSignthis has received reports from its auditors Grant Thornton Australia Ltd and its IT Security Auditors, Security Centric Pty Ltd, on the use of the Probanx Coreplus core banking platform. These reports have been submitted to the APRA.

CEO of iSignthis: Acquisition of Probanx Platform has Already Paid Off

In the statement released today, iSignthis suggests this is a key milestone for the company towards achieving its ADI license, with the Chief Executive Officer John Karantzis stating in an email to Finance Magnates that its investment in the Probanx Coreplus platform has already paid off.

“On the basis of the foregoing, the Company advises that its ADI application is progressing well, with only minor matters remaining to be addressed. The Company is of the view that the license issue remains on target for early Q2 2019,” the statement said.

iSignthis is a provider of an end-to-end onboarding service for merchants. It offers a streamlined payment and identity service, with its two main products being Paydentity and ISXPay. Previously, the company has stated that the “overwhelming majority” of ISXPay’s customers are contracts for difference (CFD) and foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) brokers and market makers.

NAB Adopts “No Appetite” for FX and CFD Trading

Yesterday, as Finance Magnates reported, the company also announced that it had 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 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 for forex, CFD, equities, remittance and binary options traders as the bank has adopted a “no appetite” position for these trading sectors.