Direct Impact : Our operations generally remain unaffected directly. The Company's existing pandemic procedures and business continuity plans were put into effect last week, ensuring that some of our staff are working remotely in our areas of operation including
The Company is Payment Card Industry (PCI) Data Security Standard (DSS) certified to operate remotely 100% of the time, with all staff having access to laptops and virtual private networks at all times, including when they are in any of our offices. As such, working remotely presents no technical issues, but does present challenges with regards to broadband bandwidth in working remotely (due mainly to the limitations in telecommunication networks at such a time), reliance upon remote communications and he challenges of social isolation.
Indirect Impact :
We also note that responses from payment schemes to what are usually routine technical, commercial or settlement matters, are now taking several days to resolve, rather than minutes, hours or overnight.
The Company is also expecting audit results in early April from
Customers are also slower to engage with the Company, usually due to staff unavailability, and are thus slower to respond to offers, or to onboard.
The Company is planning for up to eight weeks of remote operations and the potential for reduced revenues. The Company has sufficient cash reserves to continue with its operations and planned strategic activities well beyond the eight weeks of anticipated impact by COVID-19.
The Company notes that this is an unprecedented situation with individual governments independently taking measures that are often inconsistent with each other and difficult to anticipate. It is therefore not possible to make accurate predictions on operations going forward with a large level of uncertainty that we cannot control or anticipate. We have sought to take the best measures we can under the circumstances and based on the official advice of each jurisdiction in which we operate.
About
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney
ISXPay(R) is a principal member of
UAB Baltic Banking Service, a wholly owned subsidiary of
Contact:
Investor Relations
Investor Relations Director
chris.northwood@isignthis.com
+61 (0) 458 809 177
Media Enquiries
Director
mark.hawthorne@civicfinancial.com.au
+61 (0) 418 999 894
Investor Relations Europe
Dr
Friedrich Ebert Anlage 35-37
Tower 185
60327
e.reuter@dr-reuter.eu
+49 (0) 69 1532 5857
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