Importantly, the AEMI provides ISX with full access and continuity to the key British market post BREXIT, and significantly extends the group's regulatory authorisations.
The
ISXUK has also been granted the following payment services authorisations under the Payment Services Regulations 2017:
- Service Class 1 : Services enabling cash placement on a payment account
- Service Class 2 : Services enabling cash withdrawals from a payment account
- Service Class 3 : Execution of payment transactions (not covered by a credit line)
- Service Class 4 : Execution of payment transactions (covered by a credit line)
- Service Class 5 : Issuing payment instruments or acquiring payment transactions
- Service Class 6 : Remittance Services
o Account information services: authorised to retrieve account data from other banks and financial institutions
o Payment initiation services : authorised to initiate payments into or out of a user's account held with a third-party institution
ISXUK's authorisation to act as an Account Information Services Provider (AISP) is similar in concept to the Australian "open banking" Consumer Data Right (CDR) regulated by the
The authorisation to act as a Payment Initiation Services Provider (PISP) allows ISX customers the benefit of "push" payments originating from any of their accounts held with any EEA based bank to be "pushed" to other directly to other bank accounts, including accounts issued by ISX. Where payments are directed to ISX issued business accounts, ISX's instant notification service (SIIN) uniquely provides a real time update of cleared and settled payments to business users via ISX's Probanx(R) platform. The combination of push payments and SIIN provides ISX business customers with a real time, chargeback free, faster settlement alternative that rivals card scheme acquiring services.
ISXUK will in the near future seek to connect to the
About
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 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an
iSignthis Paydentity(TM) 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' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney
ISXPay(R) is a principal member of
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