iSignthis signs agreement with Visa for Australian Principal membership

Thursday 8 August 2019 10:04 CET | News

iSignthis has entered into an Australian Principal Member licensing agreement with the Singapore-based regional subsidiary of Visa.

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 assessment
criteria 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.

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Keywords: iSignthis, agreement, Visa, Australia, license, Singapore, Australian Principal, CNP, merchants, online payments, remote payments, discount rate, card payments, fraud, security, control, partnership
Countries: World