Payment processing and identity verification specialist iSignthis (ISX) expects to be operating as an authorised deposit-taking institution as early as the June quarter, when it also expects to be operating an exchange settlement account with the Reserve bank.Melbourne-based ISX is a small company with big ambitions. In 2017/18 it earned revenue of just A$6.3 million and made a loss of $5.5 million.It makes its money by conducting remote identity verification and payments processing. It has a dual listing on the ASX and Frankfurt Stock Exchange.It is a scheme participant with SWIFT and it has applied for a customer authentication mandate with the European Banking Authority.It has lodged an application with ASIC for an Australian Financial Securities licence and it has applied for membership of the Australian Payments Network.It has card acquiring licences with Discover Card, Diners Club, Visa and MasterCard.According to an investor update issued last week, the company's technology gives it a competitive edge in areas such as the speed of onboarding customers, 'speed to checkout' for online payments and a wide range of currency choices for payments.It recently acquired a banking software business called Probanx, which it describes as a "leading provider of cloud computing serving financial institutions". Probanx has been operating for 18 years and has 15 customers.