Isignthis Receives Visa and Mastercard Licence
Australian Securities Exchange and Frankfurt Stock Exchange cross-listed iSignthis has announced that it has completed its Tier 1 integration to access both Visa and Mastercard (card schemes) directly, and will be imminently using its own Principal Member Bank Institution Number (BIN) for processing of card transactions within the EU/EEA.
Visa and Mastercard have both switched to Tier 1 ‘production live’ by the card schemes, allowing direct processing by ISXPay under its own BIN, along with previously announced JCB. Isignthis says that the combination of these three schemes alone represents a viable offering as an independent, standalone acquirer, and with our APMs and SEPA capability, will far exceed many EU payment companies’ capabilities. The upcoming addition of our other principal licensed payment channels, including Diners, Discover, China UnionPay and American Express, will further augment ISXPay’s offering and revenues from mid-2019.
Card Scheme Interchange fees will be collected and booked as revenue, and are payable to the card schemes by ISXPay per the terms of its Principal licenses, and do not contribute to gross profit.