Lawyers for iSignthis argue the payments company did not breach disclosure laws related to a termination of its deal with payments giant Visa because executives believed a letter ending the agreement was part of a negotiation process, not a final decision.

Barrister Peter Collinson, KC, who is representing iSignthis in its face-off with the corporate regulator, said the company had sought legal advice and is adamant that a Visa termination letter was not the finalisation of its arrangement. Mr Collinson said iSignthis was covered under ASX listing rules related to incomplete negotiations.