Certainly can't see Pungle as a competitor to ISX given the...

Certainly can't see Pungle as a competitor to ISX given the limited scope/explanation of Pungle's services.
Pungle may be able to compete with Payoneer (US) in the distant future (? ??).  Payoneer isn't in PayPal's league or a competitor and PayPal is unlikely to want to acquire Payoneer - similar to other aspirant payment companies.  Pungle would need to better Payoneer and others.

ISX's platform has a 'leading edge' in this sector/market and at this stage, ISX is without direct competition as they are early adopters and have implemented new technology and complied with recent and rapidly changing regulations in many jurisdictions in Europe and Australia.  Even PayPal isn't direct competition for ISX.

If you searched for the recent statistics for start ups or emergent companies aspiring to be part of the payments sector, few (percentage-wise) have enjoyed success.   

What an unfortunate name though.  For anyone who has used OCR software, a P is far too close to a B.

OCR
Optical character recognition or optical character reader, often abbreviated as OCR, is the mechanical or electronic conversion of images of typed, handwritten or printed text into machine-encoded text, ... Wikipedia