Ryvyl Inc.

all participants are in a listen-only mode. A question and answer session will follow management's remarks. The second quarter end results press release accompanying this conference call was issued at the close of the market today. Our quarterly report on Form 10Q, which includes the company's results of operations ended September 30th, 2024, was filed with the SEC today. A replay of this call is available at the Investor Relations section of the Rival website in the Events Quarterly Results session. As a reminder, this call is being recorded. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from our management concerning future events. These forward-looking statements are based on the company's current beliefs, assumptions, and expectations regarding future events which in turn are based on information currently available to the company and contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed and or contemplated by the forward-looking statements. Other risk factors affecting the company are discussed in detail in the company's filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable laws. I will now hand the call over to Ben Erez, Chairman of Rival. Please go ahead.

Thank you, operator. We delivered sequential revenue growth in the third quarter of 2024 driven by consistently strong international performance. In conjunction with recent business development successes, we believe we reached a turning point. We expect Rival's top-line growth trajectory will continue to gain momentum exiting 2024 and into 2025. Our third quarter 2024 international revenue grew 96% year-over-year, even with two European software integrations postponed to Q4 2024 and offsetting some challenges in U.S. operation. In October, these two European partners started activating business on these new platforms. marking a pivotal achievement that sets the stage for continued expansion in the region. In Q3, our North American licensing partner near launch, which will build momentum and expand our pipeline of opportunities. International transaction volumes continue the strong growth trajectory, rising from $781 million in Q2 2024 to an impressive $952 million in Q3 2024. This remarkable growth reflects the rapidly increasing demand for our PayFact licensing, banking as a service, and comprehensive support for money remittance across global markets. With powerful API integrations, seamless foreign exchange, and real-time electronic fund transfers, we're delivering compliance and operational efficiency, empowering our clients to excel in global finance. Additionally, we expanded our Visa Direct integration to new countries, bringing our footprint to 13 of the targeted 80 countries. Through this initiative, we're tapping into Visa Direct's extensive network capabilities to fuel revenue growth, and showcase our value to Visa. By leveraging Visa's payment-enabler network, we're providing the infrastructure for efficient, secure electronic payments, empowering banks, merchants, and consumers to transact seamlessly across Visa's global platform. In the EU, we've experienced strong growth over recent quarters and developed a robust pipeline to drive further expansion. In the US, our business grew more than 10% sequentially in the third quarter. This is a marked improvement, and we continue to diversify our business and gain traction into other verticals. I am pleased to report our private label partnership announced in August went live this week, and we expect to see initial licensing revenue starting in December 2024. This licensing arrangement enables us to reenter a high-risk vertical through a third-party partner via a private label approach under our payment processing as a service model. It highlights the power of a fully branded rollout of our e-wallet and POS merchant management system and website support. In this model, we handle deployment, maintenance, and system integration. Our partner is responsible for banking and operations of consumer transactions, ensuring merchant connectivity and compliance. This approach allows us to receive per transaction fees, reduce our operational costs, enhance our margins, and minimize compliance risk. I'll now turn it over to our CEO, Freddie Nissen, for further insights into our competitive position, operations, and business development activities. Freddie, the floor is yours.

Thank you, Ben. we have achieved significant progress in winning new business deals and expanding our pipeline, both in the US and internationally. Our focus remains firmly on onboarding new clients across multiple jurisdictions, laying the groundwork for what we anticipate will be a strong growth year in 2025. We are positioned to capture substantial opportunities as we continue expanding our reach. I'd like to take a moment to highlight our competitive edge value proposition and the strategic focus behind our growth. First, our approach is targeted. We focus on high margin market segments, specifically merchants and retail clients who are underserved by traditional processors or have lost access to the ecosystem altogether. By offering robust banking and payment solutions, we're able to target 40% gross margins. Our value is clear. We provide end-to-end processing and banking solutions for clients that larger processors prefer to avoid and that smaller competitors cannot support at sufficient scale. We deliver transparency, speed, and specialized processing capabilities for verticals that others cannot reach, along with customized turnkey solutions powered by advanced technology. No other acquiring solution leverages the blockchain ledger like we do, reducing overhead and errors, making it highly efficient and scalable. For example, through Hyperledger, we're now processing at speeds of over 3,000 transactions per second. Regulatory compliance and rapid onboarding are core to our business model. We excel in both areas, creating a significant competitive advantage in this high potential market. Demand in this space is strong. We're well positioned to meet these clients' unique needs, further securing our leadership in this growing market. To maximize the impact of our resources and technology, we recently entered into a strategic partnership with a firm specializing in payment tech and digital processing. This collaboration allows us to onboard new verticals in North America. We will begin with an initial rollout for 1000 merchants across the US and have significant potential for future expansion. Our product and service initiatives are generating enthusiastic responses and making a strong impact across key markets. I reviewed some recent accomplishments. In Q3 2024, We successfully launched NanoCard, offering a seamless alternative to traditional cash or card payments and providing enhanced security and flexibility for users. This innovative app, complete with a new website and mobile capabilities, enables merchants to process prepaid gift cards with ease by targeting high-demand sectors NanoCard is positioned to capture high margin processing opportunities for us and our partners. Our PayFac as a service model has also rapidly expanded our merchant network in Europe. We recently onboarded two large PayFac accounts. One is already actively processing. The other is set to go live shortly. A third major account is in the final stages of closing. Together, these European accounts are expected to contribute $50 to $70 million in monthly processing volumes, significantly strengthening our presence in this critical market. With our banking as a service offering, supported by robust API and global integration, we are enabling banks to extend their reach more effectively. This solution has gained strong traction in Q3 2024 loans. We onboarded six new clients across Europe, underscoring the scalability and demand for their service. Central to our infrastructure, Rival Fabric acts as our transaction highway, providing a cost-effective platform that simplifies blockchain integration with a multi-layered security structure. Compatible with both R3's Corda and Hyperledger frameworks, Rival Fabric is said to power all of our product lines, We are fully prepared to support new partnerships, reflecting our commitment to secure scalable blockchain solutions. Additionally, We've started onboarding on MEMS Core, further supporting our clients with secure, streamlined payment solutions that are customized to meet their specific needs. These developments underscore our strategic focus on high-margin, high-demand sectors, positioning us to deliver industry-leading solutions that resonate across multiple markets. With this momentum, we are laying a strong foundation for sustained growth and further establishing our leadership in the global payment and banking solutions arena. I'll take a moment to add some context about why we are so excited about our current position in the industry and our growth opportunities. The shift toward credit cards, mobile wallets, and real-time payment systems is accelerating consumers' adoption of new technologies, which aligns perfectly with our core strengths and long-standing investment in proprietary payments and banking technology While real-time platforms such as the FedNo service offer faster transactions, they face gradual adoption given the enduring popularity of credit cards. Meanwhile, increased regulatory scrutiny and antitrust actions are beginning to reshape competition and operations across dominant networks, impacting the broader payment processing and banking landscape. Advancements in AI and blockchain are driving improvements in fraud detection, transaction security, and seamless banking integration. And fintech startups are adding competitive pressure with their innovative, cost-effective solutions. These trends are transforming the payment processing and banking landscape, creating an environment that favors agile innovators like Rival. Looking ahead to 2025, we're excited by the momentum we're building. With recent deals closed and strong visibility into our pipeline, We are well positioned to further diversify our customer base and revenue streams. This trajectory strengthens our business relationships and amplifies our reach through private and white label licensing, setting the stage for continued growth and influence in the payment and banking industry. With that, I now hand the call to George Oliver, our CFO, who will review the financial results and provide an update for our 2024 financial guidance.