After 7 weeks of ISX being held in suspension by the ASX, with still a very broad reason as to why, it would appear that there are much bigger issues that have to be investigated. Maybe the focus for the ASIC & ASX “enquiry” has turned to, not so much “who” ISX is and “how” it does business but rather, “who” is behind the “advisory” and media statements that where initiated on the 10th September 2019. This direction would be potentially “drawn out”, with probable legal battles to finally conclude. If this is currently the direction of the “enquiry” when will ASIC and ASX conclude their “enquiry” into ISX? How long would ASIC need to continue their research into their case against the “advisors”? How long does ISX stay in suspension until the truth prevails? The ASX are unlikely to keep ISX in suspension if the ASX concludes that the “advisory” statements are untrue. I think we would see an ASX announcement that vindicates ISX, and either says “enquires” are ongoing into the “advisors” statements or says nothing.
With the quantity of attention that ISX is receiving, it would indicate how big ASIC, ASX, media and others believe ISX is becoming with their ability to enable any one of 3.5 to 4 billion customers to pay for their purchase at virtually the exact same time as the Strong Know Your Customer Identity verification is completed. The time saved, especially without having to find documents or any other laborious method, creates the low customer on boarding “click rate”. This patented process enables ISX’s merchants to significantly increase the amount of customers they on board and therefore have those customers transacting faster. ISX is not only enabling their merchants to do this, they are licensing that same service to banks, for the banks to then use ISX’s patented technology. No matter what the outcome is from the current ASIC and ASX “enquiry”, ISX’s patents and how they are applied, their Tier1 EEA (European Economic Area) Monetary and Payment License and agreements with the major credit card providers, is of great value.
ISX’s method for on boarding, and using the banks face to face customer Identity verification, is adding great speed to cash flow transactions and with the ability to convert up to 23 global currencies, that is equal or more than our big 4 banks currently have the ability to do. For further information on the ISX patented KYC process, view the below video that John Karantzis (patent inventor) completed in 2016.
https://www.youtube.com/watch?v=oDejKTtKX1E
ISX currently have a submission to the European Banking Authority to possibly have their patented process mandated for “Strong Know Your Customer” EU legislation throughout the EU. The need and leverage through the financial global system is massive. Others can see that coming too which I feel plays a large part in the background of this “enquiry”. With the value that this business can create it could easily be seen as the next PayPal and beyond, just 2 examples below of media articles in about August 2019 agree with this also.
https://australianfintech.com.au/is-isignthis-the-next-big-neobank-to-challenge-the-big-four-banks/
https://www.bankingday.com/nl06_news_selected.php?stream=50&selkey=25338
The ISX patented technology is largely based on servicing merchants, banks and neobanks however they also house all the customers that ISX complete their KYC process with and could easily leverage that database into servicing the general public, I think that’s what Flyk is largely for.
It looks like the banks and merchants KYC processes and adhering to AML regulations globally are in some disarray and need a revolution in the way they service their customers, an obvious solution is ISX. My concern is how slow the regulators are in supporting innovative breakthroughs, although the EU appears to be one of the leaders in this area. My other concern are the attacks, largely from competitors, hopefully ASIC and ASX act to protect and promote an, up and coming, great Aussie business.
