P-MGT-CFO-T3
Unit Economics & Spread Margin Protocol
ACTIVE TELEMETRY
Fee Decomposition & Settlement Liquidity Spreads
| GBM Vault Node #881
LEDGER RECONCILIATION RATE
100.00% SYNCED
AVERAGE SETTLEMENT LATENCY
184 ms
Blended Gross Take Rate
+12 bp YoY
2.45%
OF GMV
Gross: €3.50M
GMV: €142.85M
Processing Cost (Blended)
Save €680k
0.72%
OF GMV
SEPA: 0.08% | FN: 0.12%
Cards: 1.48%
Net Unit Contribution Margin
Target: 65%
68.4%
NET SPREAD
Net/Tx: €0.42 avg
1.42M Tx / Day
Clearing Friction / Slippage
100% Netted
0.00 bp
PERFECT AUDIT
Variance: €0.00
Cryptographic Root Valid
Clearing Core Ledger
Unit Economics & Payment Rail Fee Decomposition
Granular cost-per-transaction and gross profit retention across clearing gateways
3 Gateways Synced
Sovereign Rails
Tier-1
FedNow, TARGET2, SEPA, CHAPS
Take Rate:
1.85%
Rail Cost:
0.14% (14 bp)
Net Margin:
92.4%
Settled Vol:
€82.40M
Card Rails Direct
High Fee
Visa Direct, MC Move
Take Rate:
2.95%
Rail Cost:
1.52% (152 bp)
Net Margin:
48.5%
Settled Vol:
€36.15M
FX Swaps
High Spread
Cross-Currency Corridors
Take Rate:
3.20%
Rail Cost:
0.45% (45 bp)
Net Margin:
85.9%
Settled Vol:
€24.30M
Rail-by-Rail Operational Ledger
EXE-205 Matrix
LIVE PROTOCOL ROUTING
| Clearing Network / Rail | 30D Volume | Cost (bps / Total) | Retention | Status |
|---|---|---|---|---|
|
TARGET2 RTGS
Frankfurt Hub
•
pacs.009
|
€48.20M
33.7% share
|
4.2 bps
€20.2k fees
|
97.8%
+€892.4k
| Optimal |
|
SEPA Instant (SCT Inst)
EBA STEP2 / TIPS
•
pacs.008
|
€34.10M
23.9% share
|
8.5 bps
€28.9k fees
|
95.2%
+€645.2k
| Optimal |
|
US FedNow Settlement
Federal Reserve Bank
•
ISO 20022
|
€28.50M
20.0% share
|
12.0 bps
€34.2k fees
|
93.8%
+€542.1k
| Expanding |
|
CHAPS Sterling RTGS
Bank of England
•
SWIFT MT103
|
€18.90M
13.2% share
|
14.5 bps
€27.4k fees
|
91.2%
+€324.5k
| Stable |
|
Visa Direct / MC Move
Global Card Scheme
•
ISO 8583
|
€13.15M
9.2% share
|
148.0 bps
€194.6k fees
|
52.4%
+€214.2k
| Review |
Weighted Clearing Fee: 22.4 bps (€305.3k total rail expense)
Direct Routing Saves +€1.12M annualized vs Card Aggregation
Unit Margin Trajectory
Gross Margin Expansion (8 Quarters)
68.4%
Q4 2026 Target Met
Actual Net Margin
Corporate Floor: 65.0%
Illustrative source chart · scroll horizontally or focus here and use ← → for readable labels. Source fonts, paths and values are unchanged.
Original source chart labels
- 65% Floor
- 61.2%
- 63.1%
- 65.4%
- 67.1%
- 68.4%
These are literal labels, not a reconstructed data series, accepted evidence or model output.
Q1 '25
Q3 '25
Q1 '26
Q3 '26
Q4 '26 Current
Net spread widened +720 bps over 24 months, propelled by automated routing to SEPA Inst & FedNow RTGS channels.
Cohort Unit Economics
LTV / CAC
Client Lifetime Revenue Velocity
Tier-1 Enterprise
20.0x LTV/CAC
Acquisition:
€420 CAC
Realized LTV:
€8,400
Annual Churn:
< 0.4%
Mid-Market Corporate
10.8x LTV/CAC
Acquisition:
€180 CAC
Realized LTV:
€1,950
Annual Churn:
2.1%
High-Growth SME
8.0x LTV/CAC
Acquisition:
€22.40 CAC
Realized LTV:
€180.00
Annual Churn:
5.8%
Automated Leakage Watch
DIR-2026-094
Event Node:
Frankfurt Colo-2 (Fiber Jitter)
Secondary Routing Fees:
€0.00 Recorded Loss
Interchange Waiver:
Cryptographically Pre-Executed
Adaptive gateway routing triggered at 04:12 UTC prevented secondary interchange charges across 18,400 diverted card-not-present authorizations.
Protected Yield
Executive Navigation Hop-Dock
GBM-ROOT: 0x9f4a...83d2