ISXPay Executes First Bank to Bank Transfers through IBANs

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 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), 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.

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 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

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).