Diners Club International & ISXPay enter into Acquiring License
- Payments , Infrastructure
- 14.11.2018 08:43 am
Australian Securities Exchange and Frankfurt Stock Exchange cross listed iSignthis Ltd (ASX : ISX | FRA : TA8) (the “Company”), is pleased to announce that it has executed an eCommerce Acquiring Business agreement with Diners Club International Ltd.
Diners Club International Ltd. is a direct banking and payment services company owned by Discover Financial Services (NYSE: DFS), with local website at https://www.dinersclub.com.au
The agreement allows iSignthis group companies, located in Australia, the EU and elsewhere in the world (except North America), by arrangement to acquire Diners Club and Discover Network branded cards directly, as an online (Tier 1) acquirer.
The agreement provides for iSignthis to acquire all types of online and eCommerce merchants, including MCC 6051 ‘quasi cash’ merchants and MCC7995 gambling merchants.
The business model is similar to iSignthis’ other major card schemes agreements, and is based upon the merchant paying iSignthis a percentage rate of the processed transaction value, comprising the Merchant Services Fee plus a Diners club set Program Transaction Amount (PTA). The PTA fee is payable to Diners Club, and varies by jurisdiction, and is conceptually alike to an interchange fee, as set by other card schemes. The Merchant Services Fee represents iSignthis’ Gross Profit on each transaction.
John Karantzis, CEO of iSignthis Ltd said, “The addition of the Diners Club and Discover Network to our card acquiring services means that we now have agreements with all the major, global card schemes. We are excited to be working with Diners and Discover, and extending card the reach of their card acquiring services into the European Union, Australia and other territories, as we grow.”
A direct ISXPay to Diners Club Tier 1 Technical integration will commence shortly. The Company will advise service live dates during 2019, with Diners and Discover acquiring expected to contribute to revenues during CY/FY2019.