iSignthis slams ASX for seeking sensitive details as Visa deal ends

ISignthis has confirmed its high-profile relationship with Visa will be terminated, as it blasted the market operator for requesting sensitive details about its relationship with the card giant. Visa suspended its processing of iSignthis customer payments in March due to an ASX investigation.

In an email to shareholders on Sunday afternoon, iSignthis stated it would end the relationship with Visa in 90 days due to rule changes the payments giant is introducing in October this year, which the troubled tech group said would "restrict trade and competition".

The Visa relationship allows iSignthis to process payments made by Visa account holders who transact with iSignthis business clients.

"The company ceased processing as a principal acquiring member in mid-March and has been engaged since that time with Visa in commercial-in-confidence negotiations," iSignthis said in the statement.

Visa has been contacted for comment on the matter.

An iSignthis spokesman told the Sydney Morning Herald and The Age that "the Visa contract is not material to the company."

ISignthis retains the ability to process transactions with other providers like Mastercard, Diners and China UnionPay.

But the company's announcement also states that the impact of Visa's suspension has been a "interruption to growth" with an overall decline in revenue during March and April.

The announcement was also released to the ASX on Sunday for release to the market when it opened Monday morning. ASX was contacted for comment on why the announcement had not been published as of Monday afternoon.

The iSignthis statement criticised the ASX over a query it sent the company requesting "extraordinary detail about the company's commercial arrangements with Visa".

"The company has advised ASX that it is inappropriate for it to be requesting and releasing information regarding current negotiations and submissions, as it may compromise our ability to reach outcomes of best effect for the company and its shareholders," the statement said.

Last month, the sharemarket operator finally released its report on the reasons for the prolonged suspension of trading in iSignthis shares. ASX alleged that iSignthis has committed significant breaches of the listing rules that require action by the corporate regulator.

"ASX remains of the view that ISX has committed a number of significant breaches of the listing rules and that ASX is obliged to refer those breaches to ASIC [Australian Securities and Investments Commission] for consideration of enforcement action," the market operator said at the time.