Fredi Nisan: My apologies guys, but my — for some reason I can hear only a couple of sentences. So Ben if you don’t mind, repeat the question.
Ben Errez: Michael, you can go ahead.
Michael Donovan: Certainly. Thanks, Fredi. So for coyni’s Mobile Point of Sale app, are there specific geographical regions that you’re targeting in the beginning? And also, I know it’s only been a few days, but have you received feedback from merchants already?
Fredi Nisan: Thank you for repeating the question. At the moment, we are focusing on the U.S. We do have a couple merchants that already kind of approached us and want to start utilizing that in a very specific vertical that we are comfortable with as well. But the next goal is as we are deploying coyni as well in Europe, you will be deployed there in a few verticals that we believe we can be very successful, but at the moment we start with the U.S.
Michael Donovan: And for the regulatory landscape in the U.S., I know Min touched upon this a bit, but how are things changing in the U.S.? What’s your take on the stable regulatory bill that’s going through the House right now?
Ben Errez: So that’s — I’ll take this one. So that’s an interesting topic. And Michael, you and Kevin have been persistent on that front much more than what we see centrally from the government and from the Federal Reserve. The FedNow initiative declared the pilot program back in 2020. At the time, 1% of all financial institutions around the country, and there are about 10,000 of those, were signed up to participate in this pilot program, so about 100. Back in April of this year, the certification program was announced for FedNow. And the certificates were awarded in July of this year. Out of the 100-or-so participants, only 41 as of now are certified. And a big portion of that are not standard financial institutions, they are more service providers.
And by the way, the government includes itself as one of those successful completions for this course. The harsh reality is that this landscape is very challenging in the U.S. The world is not waiting for us to figure it out. This is part of the reason why coyni spin-off is primarily targeting operations in Europe, where the landscape is maybe a lot more competitive, but a lot more finite. The regulators have already established the playing field, everybody understands it, banks are participating in very large companies and penetration is sort of defined. So I guess this is a longer answer to a short question, but I think it gives you a little bit of a flavor of where we’re going with all of this.
Operator: I would like to go back to Ben Errez for closing remarks.
Ben Errez: So I’d like to thank everyone for participating on this conversation and signing up to listen to our quarterly results. As we stated in the beginning of the conversation, the entire remark sections were produced using AI, I think very effectively and we will continue to use this technology moving forward. Looking forward to our next call with you all. The shareholder meeting is coming up in the end of October. And hopefully at that point, we will have further clarity on the dividend outlay for everybody. With this, I thank you all and we’ll see you next time.
Operator: This concludes today’s conference call. Thank you. You may now disconnect.