Connecting the dots between transactional banking and payments

Ajay Treon of ISX Financial outlines how the company delivers real-time, API-driven banking solutions for fintechs and SMEs through in-house technology and global payment infrastructure.

Could you introduce ISX Financial and highlight its core services?

ISX Financial EU Plc (ISXX) is a soon to list public company that is a provider of regulated transactional banking services and real-time payment technology across Europe and the UK. We connect real-time payment rails, regulatory infrastructure to our modular APIs to power seamless transactional banking experiences.

As a Central Bank of Cyprus authorised European Econominc Area Electronic Money Institution (EMI), ISXX offers cross-border payments, instant settlements, multi-currency IBAN accounts, and merchant-focused services like A2A checkout, automated reconciliation, and FX services.

We’ve developed a banktech ecosystem that connects directly to the European System of Central Banks via the Bank of Lithuania. This infrastructure enables us to process SEPA Instant, SEPA Direct Debit, and SEPA Credit Transfers (SCT) seamlessly. In the UK, we are integrated with the Faster Payments Service (FPS), BACS via Pay.uk as well as the CHAPS networks, ensuring fast and reliable domestic UK payments. Globally, we facilitate two-way transfers in over 23 currencies through the SWIFT network and maintain partnerships with leading remittance providers to support payouts in nearly every currency worldwide.

What distiguishes ISXX apart is capability to control the key components of our technology stack. ISXX tkey echnology is developed and operated in-house through our core banking subsidiary, Probanx®. This enables stability, innovation and quality compliance, all within a single modular, API environment.

What industries and client segments does ISX Financial serve?

ISX services a wide range of industries, ranging from retail customers to commercial marketplaces and retail merchants, whilst servicing other fintechs and regulated industries that require real-time settlements.

Our proposition is extremely valuable to businesses overlooked by traditional banks. A recent ClearBank survey showed that only 29% of fintechs believe their banks support their growth, down from 51% in 2020. Moreover, 61% feel banks are more focused on upselling than understanding their specific needs. We close that gap with open banking readiness, direct scheme access, and a complete and modular product suite.

We’re also seeing growing demand from SMEs and microbusinesses. In the UK, 23% of SMEs now use non-bank providers for cross-border payments. For these companies, ISX offers the speed, transparency, and customer experience that traditional institutions often fail to deliver.

What are the most important recent developments in the banktech space, particularly instant payments, Open Banking, and cross-border?

Three significant developments stand out.

Firstly, instant payments have set a standard for expectations. Global instant payment volumes are projected to exceed USD 60 trillion by 2029, with Europe mandating that all PSPs can receive instant euro payments by January 2025 and send them by October. ISX has been a registered participant of the SEPA Instant Credit scheme since 2019, highlighting once again our technology first approach to delivering exceptional products for our customers.

Secondly, Open Banking is maturing into Open Finance. The market is expected to reach USD 50 billion by 2030, led by demand for account-to-account (A2A) payments. But while many providers focus only on payment initiation, ISX offers a complete lifecycle: merchant-branded checkout (via PaidBy®), real-time FX, refunds, reconciliation, and fraud mitigation.

Third, cross-border payments are becoming faster, cheaper, and more transparent. We support instant cross-border payments via SEPA, FPS, SWIFT and local networks in over 150 countries. As low-value, high-volume B2B payments grow (up 300% since 2017 via SWIFT), our infrastructure is tailored for global reach with real-time intelligence.

How is ISX Financial leveraging emerging technologies to boost speed, security, and efficiency?

Technology is at the core of our advantage.

• PaidBy® offers real-time A2A settlement with merchant branding, refund orchestration, FX choice, and full reconciliation.
• ISXMoney provides multi-currency IBANs, with fast onboarding and enterprise-grade controls.
• MassPay enables bulk payouts to 150+ markets with local clearing efficiency.

Our infrastructure is also built to withstand regulatory pressure. With DORA, CESOP, AML6, and the EU AI Act taking effect, we’ve embedded resilience and auditability into every product layer – from onboarding to settlement.

Looking ahead, what innovations or challenges lie ahead – and how is ISX preparing?

Several strategic shifts are already underway:

• Electronic Money Tokens: We are exploring future developments in the payments landscape, with a particular focus on Electronic Money Tokens (EMTs) under the evolving MiCAR framework. MiCAR introduces a harmonised regulatory structure across the EU, specifically addressing the issuance, offering, and servicing of crypto-assets, including EMTs. We see significant potential in leveraging EMTs to enhance cross-border payments, improve settlement efficiency, and provide regulated digital alternatives to traditional e-money. 
• AI Compliance & FinOps: We are in R&D concerning agentic AI to support AML screening, transaction monitoring, and liquidity prediction, essential for scaling in regulated sectors. Our AI will use behavioural biometrics, tokenization, and AI-driven fraud analytics to detect anomalies in real time and will flag micro-expression mismatches, device risk, and pattern deviation.
• Regulatory Expansion: With PSD3, FIDA, and pan-European IBAN verification mandates coming into play, ISXX continues to invest in multi-jurisdiction licensing and central bank connectivity.

Conclusion

ISXX is primed for the next stage of digital commerce. One where real-time risk and instant settlements are standard. We’re not just reacting to market trends, we’re building solutions that address the full transaction lifecycle, with infrastructure and trust at the core.

By combining bank-grade compliance, deep tech, and modular delivery, ISXX offers a future-proofed alternative to fragmented fintech models. We aim to be the strategic partner businesses rely on, not just a service provider.

About the interviewee

Ajay Treon has been employed in his position as the Group Chief Financial Officer of ISX Group since May 2023. His experience spans a 25-year career in the banking industry, including extensive experience in renowned institutions such as Lloyds Banking Group, Lehman Brothers, Dresdner Kleinwort Investment Bank, and Credit Suisse. Ajay brings a wealth of expertise in financial management, strategic planning, and risk mitigation. He also brings valuable recent experience in the fintech sector, further enhancing his understanding of the evolving financial landscape. Ajay is also a qualified accountant, holds an Executive MBA, and possesses the esteemed Certificate in Quantitative Finance.

 

About ISX Financial

ISX Financial EU PLC is a 'banktech' company that leverages its technology to provide financial services to merchants across the EEA and the UK. The company's combined payments stack and infrastructure provide complete end-to-end transactional banking, A2A payments, FX, remittance, and payment processing capability. ISXMoney's multi-currency IBAN accounts, alongside PaidBy^®’s instant Open Banking, provide merchants with a tailored payment solution to reach any UK or EEA bank account holders.