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Cards

iSignthis releases Australian card processing facilities for merchants

Wednesday 6 February 2019 | 12:00 PM CET

iSignthis has concluded a series of commercial agreements with technical interconnects to process cards in Australia for the AML regulated and general merchant sectors.

The company, trading as ISXPay on behalf of its various Australian subsidiaries, has entered into a number of agreements with card schemes (Tier 1) and other parties (Tier 2 & 3) to continue providing its payment processing, clearing and settlement in Australia for all major card schemes, including Visa and Mastercard, Diners / Discover, China Union Pay and American Express, as an alternative to its National Australia Bank (NAB) arrangements.

The company’s card processing arrangements are independent of iSignthis eMoney’s APRA ADI application, and services are expected to commence with processing of Australian merchants by Mid-March 2019.

iSignthis’ agreement with the National Australia Bank will terminate effective 30th April 2019. The basis for the termination of the agreement with NAB is the NAB’s revised “High Risk MCC Update” policy. The NAB will discontinue the processing of CFD’s, FX, Equities, Remittance and Binary traders (“AML regulated sector merchants”) under the policy as it has adopted a “no appetite’ position for these sectors, according to the official press release.

The entire suite of card schemes will be available to qualified merchants (subject to ISXPay terms & card scheme rules) over the course of H1 2019. ISXPay also offers some 15 plus non-Australian dollar currencies for card settlement and acceptance.

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