Yes, I would imagine a merchant isn't going to start paying ISX...

Yes, I would imagine a merchant isn't going to start paying ISX for KYC etc. until the regulators actually start putting pressure on.

Sign up so that you have things in place but only start using when they force your hand.

I would think if there are merchants in that sort of category of wait till pushed, then they would likely not worry about getting ISX to handle their acquiring/settlement until they used their KYC. After all why go to the hassle of changing that alone if already have other suitable arrangements in place.

As I mentioned above, the words significant revenue are used in the announcement so there would be at least some others producing revenue just on a smaller scale.

Gobbill are an example of one who are are only just starting to produce their own revenue let alone being in a position to contribute in any significant way to ISX revenue.

I still suspect there has been some level of attrition but not large scale.