Owning a proprietary payment network transforms Capital One from a card issuer paying interchange tolls to Visa/Mastercard into a vertically integrated processor capturing interchange economics on its own rails; migrating legacy Capital One debit volume onto the Discover/PULSE network converts third-party fees into retained margin, creating a structural revenue stream unavailable to any other major card bank without network ownership
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedtwo sentences · whole, uncut
the claims it rests on · in our words, not the filing’s