Yes The volume is in regular payments. The icing is in...

Yes

The volume is in regular payments. The icing is in settlements. However, these have become commoditised by the likes of Stripe and Braintree (Paypal). In order to get into the market, ISX has need to have a unique proposition that separates it from these guys.

Once there, and in order to decommoditise the offering and lift margin, the unique prop is the again required, being he KYC

However, this unique prop is only good for the regulated market, that needs KYC. ie FX, gaiming, eWallets etc. Its not much use selling KYC to say Amazon, as they dont sell regulated products. So, ISX is in some ways limiting itself to the regulated market - but, they other payment players arent really there, as they offer basic payment services without the KYC. So, the unique prop is carving out a market sector. Thankfully, the regulated sector may be larger in value than the unregulated sector, in terms of transactions per day and gross settlements.

The ISX approach an unique prop allows for the gross transaction value to rise, as it is linked and only available with the unique prop (KYC)