Read the Canaccord research, it has far better insight.
GM is over 90% on KYC/AML, opex is c.$4m (which has been proven out by last two 4Cs which show c.$1m/qtr).
Scale is all provided by AWS once the initial integration to client / gateway is done.
What is being lost by the market is the acquiring / settlement revenues and the JV with NAB. Processing / KYC / AML is great and provides a fantastic annuity style revenue but acquiring/settlement are the big earners.
ISX Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
