So, we think that’s what we announced today with BofA, Deutsche Bank, Deutsche Post. Deutsche Post, that was a takeaway in Europe, double the size €“ it doubles the size of our business in Germany. Well timed with EVO, which obviously that closing is imminent, but they are in Germany on the acquiring side. And of course, we announced I think TSYS is already in Mexico, but probably our biggest new customer in Mexico and LOI. That was the competitive takeaway from one of our peers. We are very excited about that too. Those are RFPs, those are all competitive takeaways. So, you have to be competitive on price. But I would say leading technology in the issuer business has become table stakes. So, if you are not cloud-centric, you have a partner like we do in AWS, I think it’s very difficult to compete.
So, I think the answer to your question at the end of the day, Bryan, is, yes, BofA, P&C, all these other things is Citi renewal from a year ago on the commercial side, the recent win in Mexico and everything else we are seeing is in the fact that we accelerated 80 basis points sequentially in the fourth quarter versus the third quarter. And our expectation is for more growth and more acceleration in 2023. And the way our math works and issuer is the way it’s worked forever. In the merchant business, if you give an x percent discount over a 5-year term, you are pretty much with volume growth surpassed that within the first 18 months of doing it in the first place. And that’s been our experience in merchant, predates me and can go back 30 years.
So, maybe it’s €“ I can’t speak in the 70s and 80s that predates me and merchant. And certainly, that’s been my experience on the issuer side. Cameron, do you want to comment on merchant?
Cameron Bready: No, the only thing I was going to add to that, Bryan, as it relates to renewals and issuer. It’s a little bit like the merchant business and that we are not trying to be all things to all people. We target very specific segments of the market, and we are really targeting winners in the market. Those issuers who are growing, they are acquiring more portfolios, they see good organic growth from a card deployment perspective in their business today. So, you can afford to give, to some degree, those discounts on renewals because you are going to grow through them over a short period of time, to Jeff’s point. So, it speaks to a little bit around how we position the issuer business in the marketplace, the target market for us from a growth perspective. And again, the organizations we like to partner with, those that are winning in the marketplace and give us the opportunity to grow through any sort of discount we may have to provide on a renewal over time.
Jeff Sloan: Look, it sounds like the Braves, the Hawks, the Falcons, stuff we announced today, with the states, like those are all RFPs, too. Those are RFPs with the existing providers. Those are RFPs with new fintech entrants. We are winning those too. Some of those guys know how to run RFPs at the NFL, the NBA, MLS right, etcetera. So, I would say what we are leading with is technology and that’s not cells. If you don’t care about the quality of tech and the quality of the service that quality support, as Cameron said, you would probably go look elsewhere.
Bryan Keane: Got it. Very helpful. Thanks guys.
Jeff Sloan: Thanks Bryan.
Cameron Bready: Thanks Bryan.
