The iSignthis Ltd (ASX: ISX) share price has continued its remarkable run with another push higher on Monday.
Although it has faded in afternoon trade, the neobank and global RegTech leader's shares were up 3% this morning to 65.5 cents.
When its shares hit this level it meant they had gained a massive 337% since the start of the year.
Why did its shares climb higher today?
This morning iSignthis announced that it has now approved more than 150 reportable accounts onto its Paydentity platform.
According to the release, last month the company focused on more complex and larger entities in sectors adjacent to its CFD/FX core markets.
Onboarding of approved merchants continues at a pace which is consistent with its guidance and expectations.
What is Paydentity?
Paydentity is the company's trusted back office solution for regulated entities. It incorporates payment authentication with enhanced due diligence to remotely link a person's verified identity to an electronic payment in order to satisfy anti-money laundering and counter-terrorism financing (AML/CTF) regulatory requirements.
As you may have noticed with Afterpay Touch Group Ltd (ASX: APT) recently, this is highly important for companies. The buy now, pay later provider's shares have come under significant pressure since it revealed that AUSTRAC had ordered an audit of its AML/CTF practices.
In light of its importance, it will come as no surprise to learn that the Paydentity service continues to be the company's key commercial driver for new business applications. And given the recent issues that Afterpay Touch has had, I suspect that demand for the service could continue to grow in the near term.
Also in the tech sector on Monday, the Straker Translations Ltd (ASX: STG) share price has edged higher after the AI-focused translation company announced the acquisition of Spanish translation company On-Global Language Marketing in a NZ$2.25 million cash and share deal.
This deal gives Straker Translation exposure to a Spanish translation market estimated to be worth NZ$500 million per year.
