Is the media tide finally turning?, page-24

A couple things that really stood out to me from LHC's article.

Also from an organisational perspective, during the quarter ISX announced an Australian Principal
Membership deal with Visa. To our knowledge, this is only the sixth such agreement that Visa has
granted in Australia (the other Australian principal members are the big four banks and Cuscal). The
agreement allows ISX to act as a merchant’s card acquiring institution, process card not present
payments and direct settle with Visa. This agreement completes ISX’s payments network connectivity
in Australia, which we believe was the last major item required by ISX before being ready to launch a
competitive product into Australia.

I would've thought more payment acquiring financial institutes would have been a principal member with Visa. I guess most could be an associate membership who taps off a 3rd party membership.

The company is subject to regular audit from its European regulators (CBC), each individual card
scheme, PCI compliance audits, internal audit (conducted by an external third party), external audit,
and spot audits from MoneyVal. Additionally, the company’s AML policies are subject to regular
external audit. In aggregate, we estimate that ISX is the subject to more than ten audits a year from
external third parties.

That is a huge number of audits from external third parties. A person with an average IQ would understand that ISX operates in a highly regulated industry which is a whole different ball game than the likes of BIG which trolls are constantly comparing this company to.