ISX Achievements Timeline, page-4

So at the request of @soarus (and to distract him from his melee last night with GH) I've located the timeline I prepared in August last year to see how the company has gone with the various goals it had set for itself and the time frames it had given to achieve them. I'll then do a second post outlining my understanding of what the company is hoping to achieve over the coming period.

(I did attempt to post this in the new thread you created @soarus but looks like it got moderated!)

August 2018 onward - expect an announcement of Visa Principal membership in AU. Possibly also JCB.

- Visa Principal membership in AU is still to be achieved.
- JCB membership in AU is still to be achieved.

August 2018 onward - expect an announcement of an alternate settlement supplier arrangement for the AU MCC6211 market in place of NAB. ISX need to come to an agreement with an alternate settlement supplier for AU market prior to Oct/Nov 2018 to maintain supply to current/new merchants until their own AU principal member integrations are in place next year.

- On 6 Feb 2019 the company advised that it had new Tier 2/3 card acquiring relationships in place and that the NAB will end their relationship 30 April 2019.

17 August to 24 August 2018 - JCB Europe integration (2-3 weeks from 3 Aug 18 announcement).

- Tier 1 connections with JCB were achieved but not until 18 October 2018.

Mid September 2018 - All of the current $600m contracted GPTV will be fully onstream (From 3 Aug 18 announcement).

- Well, this may have started happening but was abruptly stopped due to the KAB issue. Contracted GPTV has since increased to $880m and has started coming online through Tier 1 connections from late Jan 2019.

14 September to 28 September - MasterCard & Visa Europe integration (6-8 weeks from 3 Aug 18 announcement).

- Again, Tier 1 integrations with Visa/Mastercard have occurred but there was delay. Achieved in late November 2018.

September to October 2018 onward - once an alternate settlement agreement is in place for the AU MCC6211 market expect some new merchants signings for ISX as they take on some of the MCC6211 market share that NAB is giving up. Current ISX merchants may have also previously had some of their settlement volume directed through NAB and once NAB go offline they may direct more of that settlement activity in ISX's direction.

- This again is now starting to be achieved it would appear. NAB shutting off it's services was originally anticipated to occur in late 2018 but now there is a fixed date of 30 April 2019. This has been fortunate for ISX as they only appeared to have finalised new Tier 2/3 relationship in AU as of early Feb 2019 (whilst finalsing build out of their own Tier 1 AU infrastructure). 12 Applications have recently been received by ISX and it is possible a large $200m GPTV contract announced last year was choosing to wait until NAB gave an end date before commencing cross over to ISX network.

October to November 2018 - NAB will cease settlement agreement with ISX re: MCC6211 market (3 Aug 18 announcement and 31 July 18 announcement).

- As above, this settlement agreement ended up lasting longer than originally expected through till 30 April 2019.

November to December 2018 - Central banking/ SWIFT full integration in Europe. Some services may go live earlier than this (4 - 6 month time frame provided in 21 June 18 announcement).

- 5 December - ISX achieves EU Central Banking capacity and ability to make bank to bank transfers, issue IBANs etc. Limited SWIFT capacity with international SWIFT transfers still to be integrated.

Late 2018 to Early 2019 - ISX to achieve Authorised Deposit Taking Institution (ADI) status in AU from APRA and will then able to commence replicating the EMAs already being established in Europe (3 Aug 18 announcement).

- ISX has made progress but has pushed back expected ADI approval to 'Early Q2' 2019. I would think this translates to April 2019.

May to June 2019 - MasterCard AU integration completed. AMEX AU integration expected before this but time frame not provided (10-11 month timeframe provided in 31 July 18 announcement).

- Mastercard AU Tier 1 integration to me is unclear. There is some suggestion that they have already achieved it as JK has been quoted as saying, "The Company has already been granted Australian licensing under the Reserve Bank of Australia (RBA) “Card Access Regime” by Mastercard," So not sure about that one. Recent Ann states that AMEX AU expected April 2019 along with Diners/Discover and then China Union Pay in July 2019.

So the way I see it is that there have been delays but they have/are progressively achieving their core goals.