Amid Business Woes, iSignthis Launches SEPA Instant Payments
Australian identity verification technology company iSignthis is boosting its real-time payments offering with the launch of Sepa Instant in Europe. The move rounds out the troubled fintech’s real-time payment capabilities in different currencies via its ISXPay(R) payments network.
As it touts its new service in the area, iSignthis said it is the first institution authorised by the Central Bank of Cyprus to enable instant p2b, p2p, b2b and b2p payments, between any points within the European Economic Area (EEA).
“SEPA instant is a more efficient and obviously faster means to transfer EUROS (€), which we anticipate will allow us to grow our transactional base much faster than the use of SWIFT. The majority of our SWIFT traffic was for EUROS (€), and the 2-3 days clearing meant that customers would more likely wait to ‘batch’ payments,” it further explains.
The company added that clients will benefit from immediate payment finality, with their single transfer of up to EUR 15,000 would be available in the beneficiary’s account within no more than 10 seconds.
iSignthis brushes off regulators’ concerns
In turn, the new service boosts iSignthis’s revenues associated with their EMA product, and provides an alternative to the SWIFT service. This business segment was hit after one of iSignthis’s customers was ordered to stop all operations by the German authorities, a move likely to dent the group’s revenues.
iSignthis, which offers KYC technology and payment platform services to a range of online trading providers, has been hit recently with more bad news. The company’s stock has been suspended from trading on the Australian bourse since October 2019. The market operator ASX revealed concerns about the group’s relationships with many unlicensed providers including some partners that were linked to binary options brokers.
Speaking to Finance Magnates John Karantzis, the CEO of iSignthis, brushed off concerns of the company’s tie-ups with OT Capital and TraderQ, two FX brokers being wound up by the ASIC. He said that while the two platforms accounted for 26 percent of the company’s service revenue for H1 2018, it only did so when they were duly licensed by ASIC. As soon as the company received a “stop” order from ASIC, iSignthis ceased processing payments immediately.