Melbourne, 12th October 2017 – iSignthis Ltd (ASX : ISX / FRA : TA8), the world leading RegTech for identity verification and payment services, is pleased to announce that it has completed integration of its services with cryptocurrency payment processor BuyCoinNow (www.buycoinnow.com) and that it is now processing live transactions via its Paydentity service and will contribute revenue in the current quarter. The Company has receipted funds against invoices raised to date.
As previously announced, iSignthis has taken a strong position in providing payment gateway and compliance solutions for the cryptocurrency industry by providing its patented AML/CTF KYC services via our other partners including Coinify.com and Blockchain.info. The agreement with BuyCoinNow further strengthens the company’s position in Cryptocurrency compliance solutions, and we look forward to announcing partnerships with other players in this space soon.
To add further impetus for compliance for the sector, the European Commission has foreshadowed that it intends to regulate digital currency under the proposed “5th AML Directive”, which will require all digital currency exchanges and wallets to conform to AML customer due diligence requirements and transaction monitoring. This will likely also include Initial Coin Offerings (ICO’s).
The Company is pleased to see momentum building and also in its ability to ‘go live’ with agreements, now that the European summer holiday period has ended. iSignthis is also shortening its integration times due to the extensive work completed previously across its key sectors of cryptocurrency, FX Trading and other regulated merchants.
iSignthis continues to build a strong platform of regulated merchants and soon to be regulated cryptocurrency exchanges and wallets, enabling merchants to meet the vast and complex compliance requirements of the 4th AML Directive which became effective in June 2017, and the incoming 5th Directive. The Company is also building a strong relationship with the ever growing cryptocurrency exchange and wallet sector, as well as exploring KYC for Initial Coin Offerings (ICO’s), all of which have ridden the wave of higher trading prices, investor interest and transactional volumes.
BuyCoinNow is an emerging cryptocurrency payment processor enabling the purchase of bitcoin via credit cards and other payment sources. The platform is controlled by Verified Solutions Ltd, a company incorporated in the UK and operating a number of services in the cryptocurrency industry.
About iSignthis Ltd (ASX : ISX / FRA : TA8)
Australian Securities and Frankfurt Stock Exchange listed iSignthis Ltd (ASX : ISX) is the global RegTech leader in remote identity verification, payment authentication and payment processing. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment and identity service via our Paydentity™ and ISXPay® solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world’s 3.5Bn ‘bank verified’ card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.
iSignthis Paydentity service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business.
iSignthis’ and its subsidiary, iSignthis eMoney Ltd, trade as ISXPay®, and are an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, Australia and New Zealand. ISXPay is a principal member of Mastercard Worldwide and JCB International.