Westpac Bank should have used ISX's Technology, page-2

Brief History of ISX and what it does:​

Nickolas John Karantzis invented the paymentinstrument verification method to solve an online fraud problem in 2010, lodgedpatents on the process in 2011 and patents are granted in the US, EU and Turkeyin years 2011-2013 See Announcement 4/9/2014 “Otis to acquire Online ID andPayment Verification Provider.” iSignThis” and 24/10/2019 Presentation “Goldman Sachs 3^rd Annual Tech Day – ISX Timeline – 9 years in the making” ).​

This verification method known as “know your customer”(KYC) , strong customerauthentication and which now includes “know your customer’s customer” (KYCC)looks at records that are transacting through their customer’s accounts todetermine if any are money laundering, paying for child pornography, supportingterrorist activities etc. ISX is considered a “REGTECH” company, but is not a regulator like ASIC; they use regulatory bodies as part of their process in determining the authenticity of companies and their own software to analyse transactions to determine if any contravene Anti Money Laundering (AML) and Counter Terrorism Funding (CTF) acts around the globe (see review, 10/9/2015 “Independent legal review confirms ISX services suitable for US institutions” in which it states that ISX’s KYC service satisfies US anti-money laundering requirements under the Bank Secrecy Act and the USA Patriot Act. ISX KYC services now confirmed to satisfy key legislation in all major markets: USA, France, Belgium, Italy, UK, Australia and others.)​

Besides the KYC and KYCC services(Paydentity), the group is now a neobank and does deposit taking, payments,emoney issue, credit license (ISX eMoney (Europe)) and card paymentlicences (ISX eMoney (AU)). Request for ADI License and ASIC License has been submitted (see 24/10/2019 Presentation “Goldman Sachs 3^rd Annual Tech Day – iSignthis Group – Governance & Compliance Obligations”​

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*credit to @itzgr82balive​