Beg to differ. The terminology used in the announcement was "900m payment transactions being executed annually...". Payment transactions require SCA and would derive revenue.
I think conservatism should be taken around what portion of that 900m ISX gets but post Dec 16 these transactions will require authentication (not to mention origination, processing and settlement which requires the EU banking license they are working on).
Regardless, they now have >2m clients who will be KYC'd twice in the next 18 months, even if you assume 2 Euro each that is 8m Euro by Dec 17, call it A$14m.
Market simply doesn't understand what these deals mean, nor that ISX are a payment processer and that is where the larger annuity is.
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