How does Highnote differentiate itself in the crowded card issuing market, which includes FIS, Fiserv, Marqeta, Lithic, and Apto Payments?

Going back to one of the things I said earlier, to do card issuance well, you have to have three capabilities working in tandem and at scale. 

The challenges are that a lot of the incumbents do provide the issuer processing piece, but they don't, for example, provide a general ledger, and they don't provide full suite program management. 

Then there are others in the market, some of the newer names that you mentioned, that actually haven't built issuer processor technology. They’re built as an API layer on top of legacy issuer processor technology and they don't provide a robust general ledger. They just provide the program management piece, which again is in a very rigid fashion. If you don't fit that particular construct they’ve created in that program management framework, you are pretty much left on your own to fend for yourself.