iSignthis Ltd, a payment and identity verification technology company, announced today that it has completed its Tier 1 integration for the two main card schemes in the world – Visa and Mastercard.
As of tomorrow, November 28, 2018, iSignthis’ ISXPay solution will be switched to “production live” for both of the card schemes. This will allow the company to process Visa and Mastercard card transactions for retail vendors in the European Union (EU) and European Economic Area (EEA).
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) brokers and market makers.
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Specifically, “production live” means that through its ISXPay solution, iSignthis will be able to move funds through its full payment network into its settlement banks to clear merchants. The company will process card transactions through its Principal Member Bank Institution Number (BIN).
iSignthis Plans for Product Expansion
The Visa and Mastercard capabilities are in addition to the company’s current JCB card offering, which was originally announced in August of this year, as Finance Magnates reported. Currently, the company is planning to further expand its offering by adding other principal licensed payment channels – Diners, Discover, China UnionPay, and Amex.
According to the statement, this will: “will further augment ISXPay’s offering and revenues from mid-CY/FY2019, and positions the Company with a globally enviable choice of payment channels and capabilities.”
As previously stated, iSignthis has contracted more than AU$880 million of merchant gross processed turnover volume (GPTV), which will be processed in the forthcoming year. Now free of its previous restrictions faced with other payment service provider partners, ISXPay will begin to ramp up its merchant volumes.