iSignthis Ltd (ASX:ISX) is a wholesale neobank and global leader of remote identity proofing, payment processing and payment authentication to assist AML/CFT obligated entities to meet their compliance requirement. The company delivers regulatory compliance with automated customer on-boarding through converging payments and identity. The company had a wide reach to 3.5Bn financially included persons across the globe. The solutions provided by ISX protect both online customers and merchants from fraud and identity theft. The company is listed on ASX and Frankfurt Stock Exchange.
The company has developed platforms like Paydentity™, Probanx® and ISXPay® platform, which makes the delivery of services possible. The iSignthis Probanx® caters to core banking and network software to credit unions and over 25 banks. It also reaches out to the payment institutions across the Asia Pacific, North America and the EU/EEA including the company itself in Australia and the EU.
The company conducted its Annual General Meeting on 17th May 2019. All resolutions were passed. Based on ASX details of 16th May 2019, the company had a market capital of A$481m. Ordinary shares as quoted were 1,082,146,224 outstanding @ A$0.555/share.
The company was granted the eMoney and Payment Services authorisation in March this year. It defined its European Regulatory & Scheme Status; The company also stated that it has been finalising submissions for use of its patented solutions for September 2019 PSD2 Strong Customer Authentication Mandate. For the APRA, the license as an ADI is expected to be received in late Q2 2019. Exchange settlement Account is also expected in Q2 2019.
ISX has a world-class card payment channel capability, and is a principal member of Visa, Mastercard, JCB, CUP/UPI, AMEX, Diners Club and Discover. The company is in terms to finalise ChinaUnionPay, Amex, Diners and Discover technical integrations. The Bank-to-bank capabilities includes SWIFT, SEPA CT, SEPA DD, SEPA B2B, SEPA Instant, EFT and BPAY.
The company has a reach out capability to 69% of the world’s population at the same time, for its services. It provides payment choices and moves funds quickly to a variety of destination accounts. It offers 16-23 currencies natively to its merchants.
The company is in the process of expanding Paydentity™ ecosystem. Further, it plans to extend all its EU services fully into Australia post receipt of the ADI license. The company would continue to grow its market and explore APAC, LATAM and US/CA markets.
The technology provided by ISX offers CORE banking software solution (CorePLUS®) together with CoreConnect networking, available as SaaS, leasing and licensing. The group supplies it to more than 25 banks and credit unions along with EMI’s and various payment institutions across EMEA, APAC and Oceania.
In Q1 2019, the company reported a revenue of $1.85m, which was up 78% ($1.042m in Q418). The cash receipts were $1.4m, up 55% ($0.9m in Q418).
The company’s GPTV increased 130% in just over a month from start of Q2 till 9 May 2019. It reported a monthly transaction growth of 113% from 31st March to 30th April 2019.
The CY/FY2019 EBIT Target is approximately A$10.7m.
As on 17th May 2019, ISX’s stock traded at A$0.555, up 24.719% on ASX.
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