(MENAFN- ABN Newswire) Melbourne, Nov 8, 2017 AEST (ABN Newswire) - Australian Securities Exchange and Frankfurt Stock Exchange cross listed iSignthis Ltd () (), the world leading RegTech for identity verification and payment services, is pleased to announce that it has contracted further merchants to ISXPay Australia.
- Annual Card Transactions in excess of $69m to be processed, cleared and settled to merchants bank accounts by ISXPay
- Net Margin in excess of 85 basis points
- Anticipated annualised Gross Profit in excess of $734,000 for card acquiring and processing related aspect of agreements.
Card Acquiring: Processing & Settlement Services
The total card acquiring 'book' value is now in excess of $69m per annum of transactions to be processed and settled by ISXPay directly to the merchant's bank account. An average net margin of 0.85% for provision of card acquiring / payment facilitation & settlement services is applicable across the total contracted value of $69m. Transactional fees charged are at a weighted average of 23c/Transaction.
ISXPay services will typically commence circa 6-8 weeks from execution of merchant contract, and contracts are for a minimum of 2 years and evergreen unless terminated. Further merchants are expected to go live within the next 2 weeks, and will be announced on a merchant by merchant basis.
The Contracts are expected to deliver an annualised gross profit in excess of $734,000, (once all merchants are live and transacting), across the two key revenue silos of 'processing' and 'settlement' identified in Investor Update dated 31st July 2017.
Australia Post / Poli Payments Agreement
The Company is pleased to announce that it has executed an agreement to facilitate Poli Payments on behalf of its merchants. The Company will act as the processor from the customer's bank account and provide funds settlement to the Company's merchants. The agreement allows for up to 50bps net margin, and is expected to go live within 4-6 weeks. Several merchants have requested access to the new service, which will be incorporated into the Paydentity(R) platform.
National Australia Bank Agreement ()
The Company announced on the 8th August 2016 an agreement with the National Australia Bank, whereby daily cashflow for card settlement is provided by the NAB at a wholesale rate to the Company. This allows the Company to pursue merchants of all sizes, as the NAB agreement ensures that the Company has adequate daily cashflow to effect settlement.
About iSignthis Ltd
() ()is the global leader in remote identity verification, payment authentication and payment processing to meet AML/CFT requirements. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 3.5Bn 'bank verified' card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.
iSignthis Paydentity service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business.
iSignthis' and its subsidiary, iSignthis eMoney Ltd, trade as ISXPay(R), and are an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, Australia and New Zealand. ISXPay is a principal member of Mastercard Worldwide and JCB International.
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