I can't disagree that they have a moat, but it's a hard problem and if it were as easy as you say somebody would be disrupting them already to get a share of that $24T.
Just dealing with fraud is a major problem in itself.
I can't disagree that they have a moat, but it's a hard problem and if it were as easy as you say somebody would be disrupting them already to get a share of that $24T.
Just dealing with fraud is a major problem in itself.
Fraud is mostly resolved by the two banks involved. The network is just that, a network.