RYVYL Inc. (NASDAQ: RVYL)

Ryvyl is a financial technology company that provides global payment acceptance and disbursement solutions. The company enables merchants to accept credit card payments through arrangements with third party acquiring banks and payment processors, and it offers an internally developed disbursements platform called NEMS Core.

The majority of Ryvyl’s revenue comes from credit card payment processing services where it acts as an intermediary between merchants and acquiring partners, earning fees for transaction processing and related support. Additional revenue is generated from the NEMS Core disbursements platform which enables businesses to automate inbound and outbound fund flows.

The company operates through the following segments:

• Payment Processing Services: This segment provides merchants with the ability to accept credit card transactions through Ryvyl’s Bank Identification Number sponsorship arrangement, and includes application processing, merchant underwriting, onboarding, account configuration, risk monitoring, transaction oversight, customer service, equipment servicing or replacement, security verifications, and technical support.

• NEMS Core Disbursements Platform: This segment offers an internally developed global disbursements platform launched in late 2024 that allows customers to initiate, validate, route, and settle disbursements through an automated modular workflow supporting various payment types and volumes.

Ryvyl competes with other independent sales organizations and merchant service providers that act as intermediaries between merchants and payment processors. The company differentiates itself by performing functions typically handled by processors such as underwriting, onboarding, risk monitoring, and customer service, thereby offering a higher value proposition to merchants in underserved and higher risk industry verticals.

Ryvyl serves merchants operating in a variety of industry verticals with a particular emphasis on underserved and higher risk categories including retail businesses, private or independent educational institutions, auto and home insurance, and segments of the adult entertainment industry. The merchant base is geographically dispersed across the United States and no single customer or small group of customers accounts for a material portion of revenue.