iSignthis subsidiary iSignthis eMoney has been granted an e-money institution licence by the Central Bank of Cyprus allowing the company to execute payment transactions including credit transfers and direct debits.
Per the requirements of the licence, the company will now move to finalise its principal membership commercial arrangements with Visa, Mastercard Worldwide, JCB and other card schemes, as a card acquirer and card issuer.
John Karantzis, CEO of iSignthis, said: “The granting of an EU e-money licence is a significant milestone for the company, overcoming the last significant hurdle in the execution of our strategy. The licence allows the company to crystallise its strategy fully, and to offer its merchants the full range of Paydentity, payment gateway, card acquiring and card issuing services in the EU, which will complement our partnership with the National Australia Bank for card acquiring services in Australia and New Zealand.
“Our company will be able to provide our merchants with EU-wide card acquiring and settlement services, in addition to the issue of new cards for payouts to end users. This is an exciting period for iSignthis and ISXPay, with incredible potential revenue upside from the new lines of business it offers.”
These commercial arrangements will be concluded in parallel with the necessary technical integration to each of the card schemes, which is expected to take about six months.
