Can we focus on the cost price? You mentioned being more or less on par with Wise. How is that possible? How do you achieve it? Currencycloud relies more on correspondent banks, which are an extra cost, while Wise nets out forex transactions through massive local liquidity pools with lower transaction costs. How do you reach that point?

The key was extremely good negotiation and handling extremely high volumes. The teams did an excellent job onboarding banks or banking partners. We managed to push through massive volumes, which allowed us to secure very competitive pricing for most high-volume routes, even without netting. Towards the end, the Visa factor played a role. Since Visa owns Currencycloud, it helped in a few negotiations, maybe five or seven, where Currencycloud previously wasn't getting good pricing. Visa Payments Limited or other Visa entities were able to secure better terms. There was a harmonization project to ensure Currencycloud received similar pricing, or at least no entities were disadvantaged.

Can we focus on the cost price? You mentioned being more or less on par with Wise. How is that possible? How do you achieve it? Currencycloud relies more on correspondent banks, which are an extra cost, while Wise nets out forex transactions through massive local liquidity pools with lower transaction costs. How do you reach that point?

When banks consider a correspondent relationship or sale, they don't just look at Currencycloud as an entity. They consider Visa and the broader relationship with Visa. They might price Currencycloud at cost or even below cost because they are lending Visa significant amounts, like $100 million or $1 billion. They evaluate the commercial relationship as a whole rather than individually.