What's the future of interchange split as fintechs and embedded finance grow and gain more control of the end-customer relationship?

Roy: From day one, we've been a big advocate for fintechs and/or brands who are offering products to take the disproportionate amount of the interchange, because they're the ones generating and originating the customers and these customers spend because of them. When we work with our bank partners and others, we look to maximize the economics for all of our customers.

Over time, I believe there's going to be an opportunity to be a completely utility-based platform where it doesn't matter if your transaction is $5 or $50,000, the utility from that transaction is the same in terms of the computing power that it takes to process that transaction. I think that's going to be the great equalizer. We're moving toward that type of model, where instead of interchange base on our side, the interchange is basically kept at the customer side and the bank side, but we're really a technology utility platform. For some of the companies that we engage with, we take interchange, but for most of them we serve as the infrastructure platform, so infrastructure-based pricing. Not dissimilar to AWS or other kinds of utilities that you've seen in the past, including Twilio.