Ann: Mastercard relationship extended to Australia, page-5

Excellent progression with partnerships. Steadily removing reliance from banks (middleman) and building direct relationships.

Remember the current level of cash receipts has been produced despite higher costs. I'd like some clarification, but from what I understand, in relation to transaction costs, cash is only receipted by ISX after transaction costs. IE in the case of a settlement transaction, the provided we may costs to keeps their part of the fee from the transaction and we only ever receipt/receive our portion of the fee charged?

If that is the case, once our costs reduce, our cash receipts will increase quite a bit even on only current transaction volumes let alone growth that will also come.

What do others think about this? Are cash receipts and/or revenue recognised post transaction costs or before?