Paidby® | Mastercard ® and Admission to List Preparations
Dear Shareholder,
Xryma Plc (formerly ISX Financial EU Plc) (“Xryma” or the Company”) is pleased to update shareholders on its recently announced Paidby® | Mastercard® service.
Paidby® | Mastercard® is the world’s first cross-border account to account (A2A) payment service that allows consumers to pay in local currency and merchants to be settled in their preferred currency by next business day. Until today, A2A services have been local, like for like currency settlement, based upon local networks, without the capability for consumers in one territory to pay for goods or services in another.
Paidby® | Mastercard® strategic partnership changes that, by bridging local networks in more than 60 countries, allowing merchants in, for example Australia, to be paid in AUD$, whilst their customer pays in EUR€ with a seamless currency conversion and cross-border transmission.
This has been made possible by a combination of the infrastructure upgrades recently completed by the Company combined with Mastercard’s networks.
Mastercard brings trust, network and reach to the partnership, with Paidby® bringing operations, FX settlement and its network to the partnership.
View Customer presentation here
Listing Update - Targeted before end July 2026
Xryma is finalising the admission to list, clearing and settlement process on the Preferred Exchange.
The listing has stalled several times based upon clearing and settlement, Central Securities Depositary (CSD) and ‘spread’ requirements. These now appear to be resolved, however, the Company expresses caution that the process is still subject to Cyprus Securities and Exchange Commission (CySEC) and Preferred Exchange final approvals.
Shareholder Action Required
The Company has sought to resolve the onboarding complexity for shareholders prior to finalising the admission to list.
Shareholders are encouraged to apply to one of the following brokers https://live.euronext.com/en/resources/members-list (sort list for Amsterdam, Brussels or Paris being the core CSD network), with Interactive Brokers (IBKR) likely to be the most accommodating to Australian entities including SMSF.
Institutional holders may consider Macquarie, Citibank, Morgan Stanley, etc. from the list.
IBKR Australia, as well as IBKR Ireland, both link to the EU CSD’s, with onboarding free of charge. Those shareholders that have applied via CDBGlobal will be contacted separately, but are also encouraged to consider an IBKR account.
Direct Technical Entry Listing
A Direct Technical Entry (DTE) does not entail an Initial Public Offering (IPO) of shares at admission.
- The benefit of this approach is non-dilution, as well as allowing share price discovery via market mechanisms in due course.
- The disadvantage is that the price discovery mechanism will take some time due to illiquidity as a consequence of the time it takes shareholders to access the Preferred Exchange via (preferably) existing broker accounts. It also means that there is no immediate local institutional support or retail investor awareness at time of listing.
- The Preferred Exchange means any of the following regulated markets per the recent AGM notice: Athens (soon to be Euronext), Euronext, Frankfurt, Hong Kong, London (Main Market), Nasdaq, Nasdaq Nordics, New York or Toronto.
CySEC Prospectus Review & Listing Date
CySEC has extended the review period to mid-July 2026. Listing date is therefore anticipated proximate to that date.
In accordance with European Securities and Markets Authority requirements, the prospectus will be published on the Company’s website two days before the listing date. Shareholders will be advised by email.
New Products
Cash - For the last 4 years, cash has been back on the rise in the UK. Branch closures have accelerated, with many towns not having access to cash deposit facilities.
ISX Financial® (ISX) in the UK has partnered with Post Office to allow for cash collection at Post Office outlets, with funds credited to electronic money accounts issued by the Company to UK businesses. Cash collection by high street banks in the UK is highly restrictive, and costs businesses circa 1.25% plus fixed fees, in the decreasing likelihood there is a branch available outside metropolitan areas.
Central Bank of Latvia - ISX has completed its connection to the Central bank of Latvia (CBLV). This allows ISX to issue accounts to customers, with payments able to be routed via the CBLV’s Electronic Clearing System EKS as an alternative to the Company’s existing central bank connection. This provides the Company with an independent and wholly redundant entry point for routing SEPA messages into the Pan European Automated Clearing House (PE-ACH).
The Company notes that outages on the Company’s existing central bank connection have far exceeded the 99.9999% uptime target. During 1H 2026, outages due to the Company’s existing central bank connection in conjunction with EBA Clearing’s RT1 service have been in excess of 56 hours.
Access to central bank payment infrastructure is a strategically important component of the Company's operating model and has been made possible by the European Central Bank’s (ECB) non-bank access policy, which was further strengthened by the European banking Authority (EBA) setting out a framework for regulators to assist non-banks gaining access.
Direct participation in central bank-operated payment systems reduces reliance on intermediaries, correspondent institutions and third-party banking providers, enhances operational resilience, improves liquidity management, provides greater control over payment processing, and supports the efficient scaling of transaction volumes. Such access also strengthens the Company's competitive position relative to many Electronic Money Institutions (EMI) and smaller financial institutions that continue to rely on intermediary banking infrastructure for payment clearing and settlement.
Planned Upgrades
The service interruptions experienced during the period, reinforced the strategic importance of infrastructure resilience and routing diversification. While the Company maintained operational continuity, management concluded that long-term growth and customer confidence would be better supported through multiple independent central bank connections and payment routing pathways.
The Company identified this potential risk during 2025 whilst developing its strategic infrastructure programme to enhance its payment processing capabilities and diversify its central bank connectivity.
The programme includes:
- Direct connectivity to the Central Bank of Latvia's EKS payment infrastructure to complement its Central Bank of Lithuania CENTROlink connectivity for SEPA services;
- Direct participation in the ECB's TARGET2 ("T2") platform, allowing Real Time Gross Settlement (RTGS) between the approximately 950 direct participants and 22500 indirect participant banks via SWIFT messaging;
- Direct participation in the ECB's TARGET Instant Payment Settlement ("TIPS") service, which in turn will also provide access to Scandinavian and other currencies exchanged with EUR in real time; and
- Enhanced routing and failover capabilities across multiple central bank infrastructures.
The EKS platform provides an independent routing path for SEPA transactions and enables the Company to offer customers account infrastructure connected through both Lithuanian and Latvian central bank payment systems. This significantly reduces dependency on any single provider and improves overall service resilience.
Having identified that both EKS and other central bank gateways ultimately rely upon the ECB's TIPS infrastructure, the Company successfully applied for and received approvals during late 2025 to establish direct participation in both T2 and TIPS through its central bank relationships. Direct participation provides access to a basket of currencies including SEK and NOK for real time exchange with EUR, in addition to a further independent route for transaction processing while enhancing liquidity management, settlement efficiency and operational control.
In addition, direct access to T2 and TIPS supports the Company's broader strategic objectives by reducing dependency on intermediary institutions, improving settlement capabilities and enabling enhanced cross-border payment services. The infrastructure also provides the Company with direct access to ECB payment rails comparable to those used by larger financial institutions.
The Company emphasises that the investments in EKS, T2 and TIPS should not be viewed solely as defensive measures to mitigate infrastructure concentration risk. Rather, they also represent strategic infrastructure enhancements designed to strengthen customer confidence, support future transaction growth, improve liquidity management, enhance operational resilience, extend currency capability and further differentiate the Company's payments capabilities within the European market.
The Company successfully went live with the EKS service on 27 May 2026 and has commenced the issuance of International Bank Account Numbers ("IBANs") through the platform. Direct T2 participation is expected to become operational during July 2026, with direct TIPS connectivity expected during the fourth quarter of 2026.
Upon completion of this programme, the Company will operate multiple independent connectivity routes into the European payments ecosystem, providing a level of resilience, scalability and operational capability that management believes compares favourably with other EMIs and banking institutions operating within Europe.
Further Updates
Xryma Plc will provide updates via email, website, and Linkedin with news as it occurs. Major announcements are usually accompanied by a mailout, so please ensure your email details are up to date.
Do not publish your Australian CHESS, SRN or HIN online.
Xryma Plc Investor Relations can be contacted via email at investors@xryma.com (note that we cannot / do not respond to queries re Southern Cross Payments SP1).
Regards
N Karantzis
Managing Director & CEO
Xryma Plc (XRY : ISIN CY0200861017)
© Copyright 2026 Xryma Plc, Makrasykas 1, KBC North, Strovolos, 2034, Nicosia, Cyprus