Visa suspended iSignthis from its community in writing on March 6 and terminated iSignthis in writing on April 17. After a flurry of subsequent emails during which Karantzis (only for a change) argued the purpose, Visa wrote a May 12 letter entitled “ISX Termination – Final response” confirming that “Visa has not altered its choice to terminate the connection with iSignthis”. But iSignthis didn’t disclose the termination of its contract with Visa to the ASX till May 25 and Karantzis by no means supplied Visa’s letters to the impartial skilled (Clayton Utz companions Michael Linehan and Brendan Groves) who commenced scrutinising, gently, iSignthis’ contract ledger on May 19.
In its October 26 market disclosure, the ASX solely produced excerpts of the Visa letters, together with Visa’s conclusion that “iSignthis is not operating appropriate programs to manage anti-money laundering and risk” and “apparently still does not understand when investigations of suspicious merchant behaviour is required”. Right here’s hoping the ASX will learn the total particulars of this suspicious service provider behaviour into proof at trial.
The acute recalcitrance of iSignthis in disclosing its estrangement from one of many two main world card schemes solely naturally makes us marvel how its industrial relationship goes with the opposite, being MasterCard.
Each iSignthis’ Australian and European fee providers suppliers had been, till September, listed on Mastercard’s web site on its register of fee facilitators by area. They’re not.
You would possibly recall that iSignthis stated on April 29 that it was suspended by Visa “for elements of March pending response to Visa re: queries on ASX ‘investigation’, issues re: ‘derogatory media’ and the deal with high-risk retailers” all whereas Visa’s web site confirmed it was suspended by Visa’s anti-money laundering division.
Now, the disappearance of iSignthis Australia from MasterCard’s Asia-Pacific register of facilitators could be defined by the termination of the connection with its MasterCard acquirer, First Information (now Fiserv), again in March. It gave iSignthis six months’ discover.
However that may’t clarify the evaporation from the European record of the Cyprus-based iSignthis Cash, which by advantage of its e-money licence, was there below its personal steam.
This newspaper has put a number of requests for extra data to MasterCard, which declined to make clear the standing of any contractual relationships with iSignthis in both area. iSignthis spokesman Mark Hawthorne stated on October 26 there have been “no issues” with iSignthis’ MasterCard relationship.
Funnily sufficient, in its third assertion of declare, iSignthis even blames the ASX for Hawthorne’s charges of $159,836.71 (excluding GST) from October 2019 and August 2020. Given the delusional sums racked as much as others, it beats us why he didn’t add a number of extra zeros.