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February 8, 2019

iSignthis forms new partnerships for payment processing in Australia

iSignthis has entered into multiple agreements with card schemes and other parties to continue and enhance its  payment processing, clearing and settlement services in Australia.

The payment technology company signed the agreements on behalf of its Australian subsidiaries trading as ISXPay. The agreements encompass all major card schemes including Visa and Mastercard.

The new agreements have been signed as an alternative to its arrangements with the National Australia Bank (NAB), which is set to terminate on 30 April 2019.

Following the termination, NAB will not process payments for contracts for difference (CFD), FX, equities and remittances. It will also discontinue payment processing for binary traders (AML regulated sector merchants).

Recently, NAB revised its High Risk MCC Update policy and adopted a ‘no appetite’ position for these sectors.

Under the new arrangements, iSignthis will be able to continue offering the services without NAB.

The services are expected to start with processing of Australian merchants by the middle of the next month. The full suite of card schemes is expected to be available to qualified merchants by the first half of this year.

iSignthis offers an end-to-end on-boarding service for merchants though its Paydentity and ISXPay solutions.

The services now include a complete Paydentity platform featuring electronic verification, DVS and payment instrument verification (PIV). The new features will facilitate on-boarding of customers.

ISXPay now accepts new merchants across multiple categories including MCC 6211 and 7995.

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