iSignthis, a payment and identity verification technology company, announced earlier this week that its bank to bank transfers and deposit-taking capabilities are now live through its subsidiary iSignthis eMoney Ltd which trades as ISXPay.
According to the statement, ISXPay executed its first transaction on Tuesday, with the company accepting deposits from Single Euro Payment Area (SEPA) banks on behalf of its clients to International Bank Account Numbers (IBANs).
The target customers for the company are foreign exchange (forex), contracts for difference (CFD) and equities brokerages, as well as businesses in the wagering and gaming industries. Now, clients of the firm can log into their accounts via the Probanx.com online banking platform and withdraw money and execute SEPA transfers held against their IBANs issued by ISXPay.
So far, ISXPay has issued more than 25 corporate IBANs, with the company forecasting the move to bring more than $4 million in annual gross profit contribution for its 2019 fiscal year. Currently, the company is processing further applications.
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The company generates revenues through its fee structure – service fees for all external inflows into the EMA account, daily holding fees and a flat payout fee for outbound transfers via SEPA or SWIFT.
Following the new capabilities going live FX and CFD brokers now have access to IBAN based Euro denominated eMoney accounts (EMA), fast clearing of Euro settlements from card and payment schemes and more.
At the moment, ISXPay provides EMA services in Euro, however by the second quarter of next year the company is planning to offer EMA in other currency denominations such as USD$, GBP£, HKD$, SGD$, CAD$, AUD$, and CHF.
ISXPay Goes Live with Mastercard and Visa Payments
The news of the new capabilities from ISXPay come just days after iSignthis announced that it has completed its Tier 1 integration for the two main card schemes in the world – Visa and Mastercard, as Finance Magnates reported.
As of November 28, 2018, iSignthis’ ISXPay solution was switched to “production live” for both of the card schemes. This allows the company to process Visa and Mastercard card transactions for retail trading vendors in the European Union (EU) and European Economic Area (EEA).