iSignthis’ (ASX:ISX) subsidiary ISXPay, has crossed a major milestone in Europe by securing an eMoney Institution (EMI) license from the Central Bank of Cyprus.
The license allows the company to offer merchants in the European Union (EU) the full range of Paydentity™ payment gateway, card acquiring and card issuing services.
Paydentity™ solution incorporates real time electronic verification, which converges authenticated remote payments with know your customer (KYC) verification.
By converging payments and identity, iSignthis delivers regulatory compliance with automated customer on-boarding.
The new license will allow iSignthis to provide merchants EU-wide card acquiring and settlement services, in addition to issue of new cards for payouts to end users.
This is a significant achievement for iSignthis and ISXPay, opening a potential new line of revenue in Europe.
iSignthis has already partnered with the National Australia Bank (ASX:NAB) for card acquiring services in Australia and New Zealand.
These commercial arrangements will be concluded in parallel with the necessary technical integration to each of these card schemes, which is expected to take around six months.
iSignthis’ share price increased by 10% during the past one week, last trading at $0.165.