iSignthis Announces New Partnerships as NAB Moves Away from FX

iSignthis Ltd, a payment and identity verification technology company, announced today that it has entered into a number of new agreements with card schemes and other parties, to combat the upcoming termination of its cooperation with the National Australia Bank (NAB).

According to the statement, which was made on behalf of its Australian subsidiaries trading as ISXPay, NAB will no longer process Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), contracts for difference (CFD), equities, remittance, and binary options traders.

NAB Adopts “No Appetite” for FX

NAB will discontinue these services under the revised “High Risk MCC Update” policy, in which it has adopted a “no appetite” position for these trading sectors, the statement said. As a result, iSignthis’ Visa and Mastercard payment facility (PayFac) agreement with NAB will terminate as of April 30, 2019.

The new agreements announced today will allow the company to continue to provide its services in the country ranging from payment processing and clearing and settlement for all major card schemes, including Visa and Mastercard, without the partnership with NAB.

This means clients of ISXPay, which the company has stated the “overwhelming majority” of which are CFD and forex brokers and market makers will be able to continue to process, clear and settle trade transactions.

iSignthis Partners with Tier 1 Card Schemes to Combat NAB Absence

Specifically, FX and CFD brokers and other clients of ISXPay will have access to a range of major card schemes, as iSignthis has entered into direct licensing agreements as a Principal acquirer with Mastercard, Diners/Discover (anticipated go live late April 2019), China Union Pay (anticipated go live late July 2019) and American Express (anticipated go live late April 2019).

“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,” the statement said.