Carla Freedy

So everybody in the United States that sends an ACH is going to be riding on the bank network.

And so it's impossible-

Right.

If you're going to send an ACH to the U.S., you're on the banking network.

Maybe I'll buy a bank and do it myself, right?

Seems like it would be easier.

But someday, that's conceivable, right?

But today we ride on other networks, right?

We have our own, think of our network as a private network, our own customers and suppliers talking to each other.

But when we send transactions, we send those transactions over the banking network via NachoFiles, and we send transactions on the card networks, right?

So not many.

So it's pennies.

So think about a transaction.

So think about the customer today is paying by check and a check costs 10 times more than electronic payment.

Right.

So think of a check costing like four bucks and the electronic payment costing maybe 40 cents.

It's a per transaction fee.

No matter what the size of the transaction.

So when you send an ACH, it's just pennies on that.

And the banking part of that is also just pennies.