SOUTHERN CROSS PAYMENTS LTD (ASX:SP1) - Ann: ISXPay - Australian Card Processing Facilities, page-14 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by tradealot: ↑

Hi Guys

I like how continuity, stability and most importantly... trust, have now returned to iSignthis.

The markets perception changed today from.... a cautious amber light, to a green, safe to proceed with confidence signal.

Mr markets just loves hard working, quiet acheivers who perform and deliver strong moving forward growth.

Looking forward to further progress updates / contracts in the AU market place, as well as the iSignthis's ADI licence progress.

Cheers
Tradealot

PS - @Whatknots @Mach2money

Guys, Isx has only switched providers. The new partners would still provide the wholesale funding needed to effect settlement. Nothing's changed, out with NAB in with the new partners....... No cr required.

"ISXPay®, is pleased to announce it has entered into a number of agreements with card schemes (Tier 1) and other parties Tier 2 & 3) to allow it to continue to provide and ramp up its payment processing, clearing and settlement (“card acquiring services” in Australia for all major card schemes, including Visa and Mastercard, as an alternative to its NAB arrangements.

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What ISX are talking about is the physical connections that route payment information between the servers in the payments network. They have direct tier 1 connections to VISA/Mastercard systems and for other card providers they will route payment traffic via Tier 2 providers such as the situation with Kobenhavns Andelkasse Bank announcement from the end of last year.

NAB payment facility agreement provided ISX with tier 2 physical connections to route payment traffic, and also provided bridging finance at a wholesale rate to cover the difference between paying merchants and receiving the funds from the card providers. While ISX and NAB have terminated the processing of of CFD’s, FX, Equities, Remittance and Binary traders sectors of the market (MCC6211 and 7995). There is still a question mark over the companies wholesale funding provided by NAB given they have withdrawn from this sector.

These announcements discuss capital requirements and the Wordline and NAB wholesale payment facilitation agreements and are well worth a read
https://www.asx.com.au/asxpdf/20171017/pdf/43n99njncvbbqs.pdf
https://www.asx.com.au/asxpdf/20171019/pdf/43nclgnhy2ch9d.pdf

Understanding the differences discussed above, there is no indication that any of the other tier 1 or tier 2 providers are going to provide wholesale funding to ISX, leaving one to question capital requirements moving forward as it affects the companies ability to transact higher volumes of card payments.