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iSignthis plans Australian neobank licence in 2019

Friday 30 November 2018 | 10:41 AM CET

Payment and identity technology company iSignthis is on course to get a neobanking licence from the Australian regulator next year.

According to the CEO, the company is “well progressed” with its Australian ADI (deposit taking/ (neo)banking) licence via the Australian Prudential Regulation Authority (APRA) and “anticipate” licensing in late Q1 2019.

The licence will allow it to bank with the Reserve Bank of Australia (RBA), and place customer funds at the RBA repo window to earn interest.

Along with the neobank ambitions, iSignthis says its tier 1 network in Europe is production live, allowing it to process transactions directly to Visa and Mastercard, without any other banks or settlement partners in between.

It now offers Visa, Mastercard and JCB as a principal licensee in the EEA/EU. Diners, Discover, ChinaUnionpay and AMEX are also licensed, with “technical integrations underway”.

In September 2018, the company acquired core banking system vendor Probanx Information Systems for EUR 400,000 (EUR 300,000 in cash and EUR 100,000 in shares).

While in June 2018, it launched its Euro-based, business-to-business (B2B) transactional banking service with paytech start-p Gobbill.

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