Are you saying that the largest players have a data advantage because they can analyze the activity of end customers, like the buyers of Nord Security, to better understand whether a transaction is legitimate?

Yes, it works both ways, especially in fraud management. If a customer is flagged as a bad actor, it serves as a warning for others. Stripe has a larger number of customers and utilizes this data efficiently. The key difference is that Stripe has been doing this from the start, while Adyen began relatively recently. They had to overcome internal compliance barriers to merge their data into a comprehensive pool for the benefit of all merchants.