iSignthis Limited (ASX:ISX) issued a press release on September 26, 2018 which contains information regarding the clearing and settlement in regards to the partner card networks. As per the press release, Kobenhavns Andelkasse Bank was placed under the control of the Danish State administration company for bank, known as Finansiel Stabilitet as on September 13, 2018. And, it seems like dark clouds have appeared on Isignthis. Further, the companyâs resolution with Kobenhavns would not be possible. The resolution was that the clearing and settlement in regard to the partner card networks would be done through Kobenhavns. However, the company is still in touch with the Finansiel regarding the matter and is demanding clarification for the same. The business of iSignthis has been witnessing negative impacts from the past few months which could adversely affect the September quarter numbers. ISX has utilized the Kobenhavns in alternative payment method or APM clearing & settlement network and in its card, which includes holding the clientsâ funds, settlement as well as its own funds in the eMoney accounts. Isignthis would be returning around â¬255k in regard to the scheme named âGuarantee Scheme for Depositors and Investors.â The cash flows, as well as revenues of iSignthis, would be negatively impacted for the September quarter primarily on the back of the money which has to return. This quarter would not be a healthy quarter for the company. The receipts would be witnessing a substantial fall on the quarter-over-quarter basis. The company informed its investors via a press release that its cash receipts could be $1.2 million. However, the company is in the process of clearing the funds but on a manual basis. However, the company has been executing this on the priority basis.Â [optin-monster-shortcode id="wxhmli4jjedneglg1trq"] Since the company is expected to report weaker results for the September quarter, its stock price tumbled on September 26, 2018. At the time of writing, the stock price per share is A$0.160 which implies the fall of 11.111% (intraday). What iSignthis plans to grow in Australia and Europe? As per the management of iSignthis, in the European Union, the company has been focusing towards its acquiring capabilities as well as towards finalizing the Tier-1 card processing capabilities. In addition, for the next quarter, the company towards the integration of the Probanx with the offerings of the EMA or eMoney accounts. In Australia, apart from its focus on building the Tier-1 capacity, the company has also been trying to finalize the ADI license. In addition, the company also focuses on entry into the contracts with the merchants in regard to MCC6211 category.
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