31st October 2022 : ISX Financial EU Plc is pleased to announce that its subsidiary, ISX IP Ltd, has been granted a further Australian Patent by IP Australia, no 2017361132, based upon Managing Director & CEO, Mr. Karantzis's invention.
The patent, “Identifying an Entity”, relates to the use of historic payment data being utilised to meet the requirements of performing Customer Due Diligence for meeting Anti Money Laundering (AML) regulations. He invention is scalable and removed manual processes that currently constrain companies operating in the regulated sector.
Typically, customers are required to prove their residence by use of providing utility bills or similar. The invention allows for the residence check to be performed using payment data and metadata.
The patent expires 20 November 2037 and is accessible from http://pericles.ipaustralia.gov.au/ols/auspat/applicationDetails.do?applicationNo=2017361132
