Through the agreement, the company is allowed to act as a merchant’s card acquiring institution, and process CNP (online/remote) payments, as well as to make settlements on behalf of the merchant from cards issued anywhere globally by other Visa Principal or Associate member institutions. iSignthis generates revenue from its contracted merchants by charging a percentage fee known as the Merchant Discount Rate (MDR) on the sale amount processed on behalf of the merchant.
Moreover, principal membership of major card schemes is a complex process, with the Reserve Bank of Australia (RBA) regulating card payments and access by institutions to the major card schemes, including Visa. Each card scheme must then be licensed individually; in this case it included Visa’s assessmentcriteria requiring iSignthis to demonstrate the following:
fraud and security controls;
corporate and ethics governance;
sound business practices;
(relevant) business strategy;
business continuity;
information consistency and security;
information conciliation;
services availability.
For more info about iSignthis, please check out a detailed profile of this company in our dedicated web fraud & e-identity company database.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.