Oldest bank in the world

As we saw in our previous article, although accounting books were already in use as early as 2000 BC, it was in the temples and palaces of Mesopotamia where the first economic societies began to operate. The first bankers were priests who managed grain, livestock, and precious metal deposits for third parties.

The world’s first bank was the Banca Monte dei Paschi di Siena, which was founded in 1472 in Siena, Italy, by the Magistracy of the Republic of Siena. It is important to note that it still operates with active financial operations today (making it the oldest bank in the world). However, this bank was initially established under the original name of “Monte Pio” as a “Monte di pietà”, a charitable institution designed to provide financial assistance to the needy and combat usury, with the aim of providing loans to the neediest.

Reformation of 1624

In 1624, the Monte Pio institution underwent a significant transformation due to a reform instituted by Grand Duke Ferdinand II de’ Medici. This reform restructured the bank and granted a state guarantee on depositors’ funds. These guarantees came from the income from the state-owned agricultural lands of the Maremma region, known as the “Paschi”, hence the name Banca Monte dei Paschi.

From that moment on, Banca Monte dei Paschi consolidated its position as a financial institution. The reform of 1624 strengthened its financial stability and made it an important part of the region’s financial operations and economic growth, thus becoming a more structured and advanced banking institution.

Restructuring of 1833

The Monte dei Paschi Bank underwent a major restructuring in 1833, which initiated the financial operations of a savings bank. This restructuring represented a major step towards the modernization of the institution, as it demonstrated its ability to expand its operations in financial services, since until then it had only offered traditional loans.

Thanks to this restructuring, the institution was able to play a more important role, helping the economic development of the region, especially in agriculture and public welfare, as well as establishing a solid foundation that allowed it to achieve continuous growth and become one of the most influential financial institutions in Italy.

Corporation of 1995

The institution underwent another significant transformation in 1995, changing from a public limited company to a joint-stock company, which led to its name change from Banca Monte dei Paschi to Banca Monte dei Paschi di Siena.

This transformation meant the creation of a financial corporation consolidated under a modern banking structure, which allowed it to operate with greater flexibility in the financial markets.

Fondazione Monte dei Paschi di Siena

To continue the bank’s charitable functions and due to the creation of the corporation in 1995, the Fondazione Monte dei Paschi di Siena Foundation was created, with Banca Monte dei Paschi di Siena as its largest shareholder, thus separating the banking operations of both entities. It is important to note that the foundation continues to operate today, supporting the economic, social, and cultural development of the Italian region of Siena.

Listed on the “Borsa Italiana” in 1999

Thanks to its transformation into a public limited company, Banca Monte dei Paschi di Siena was able to consolidate its position in the Italian banking sector. The creation of the corporation in 1995 was an important step in Banca Monte dei Paschi di Siena’s modernization and laid a solid foundation for the bank’s next major step: its listing on the Borsa Italiana (Italian Stock Exchange) in 1999. Listing on the stock exchange allowed the bank to expand its financial operations and attract new investors.

Financial crisis 2013

The bank faced a serious financial crisis in 2013. This problem began when the corporation acquired Banca Antonveneta at a higher-than-quoted price (inflated price) in 2007, which weakened its balance sheet that year.

It was then that, in 2013, the bank became embroiled in a scandal involving risky derivatives contracts, which intensified the crisis as significant losses stemming from these contracts were revealed. To stabilize its finances, Banca Monte dei Paschi di Siena received a €3.9 billion government bailout in the form of state aid to prevent collapse.

However, due to the necessary financial restructuring and efforts to comply with regulatory requirements, the institution continued to face financial difficulties, which is why it required a new intervention in 2017, but this time by the European Commission, which, seeking to achieve the stabilization of the bank, approved a preventive recapitalization of 8.1 billion euros.

Financial recovery

Following the recapitalization offered by the European Commission in 2017, Banca Monte dei Paschi di Siena has undergone several major transformations. It is estimated that between 2017 and 2022, in order to maintain financial recovery, clean up its balance sheet, and stabilize operations, the institution received more than 10 billion euros.

Privatization

We must remember that, since the government support in 2013, Banca Monte dei Paschi di Siena has a 64% state control, however, in 2023 the Italian government announced the sale of 20% of its stake, which meant a reduction to 44%, which allowed the entry of more private investors, promoting the partial privatization of the institution.

News from the Monte dei Paschi di Siena Bank

During 2024, Banca Monte dei Paschi di Siena enjoyed several favorable factors. For example, it was able to begin operations with greater freedom as the European Central Bank lifted its restrictions on profit distribution. Furthermore, the Italian government moved forward with selling more shares, reducing its control to 11.7% thanks to the participation of Banco BPM and other private investors. This has allowed Banca Monte dei Paschi di Siena to consolidate its position in the Italian banking sector.

What do you think about this topic? Would you like to learn more about the world’s first bank?

If you are interested in Pilsenga products or services (including online banking for businesses), you can contact us by visiting the following link.

Image by Ray in Manila via Wikimedia.org under creative commons license.

The post History of Banking: Who founded the world’s first bank? first appeared on Pilsenga blog.

What is distributed ledger technology (DLT)?

As we saw in our previous article, distributed ledger technology works as a kind of decentralized database, which is managed by several participants who are responsible for verifying and approving any changes to information through the database, without the need for a central authority.

A distributed ledger tends to increase user confidence, as it increases transparency in each transaction, minimizing or hindering any type of manipulation or fraud, making it a highly secure system.

Characteristics of distributed ledger technology (DLT)

Distributed ledger technology (DLT) has the following characteristics:

Decentralized system

Distributed ledger technology (DLT) is a decentralized digital system that operates through a network of nodes and is managed by multiple participants who are responsible for verifying and approving any changes to information across the network rather than relying on a central authority.

Consensus protocols

Distributed ledger technology (DLT) is characterized by having consensus protocols, through which all participants must validate transactions within the network through consensus protocols, such as proof of stake (PoS), proof of work (PoW), among others.

Immutable database

Distributed ledger technology (DLT) is characterized by an immutable database that can record transaction information, and once created, it cannot be altered or deleted.

Integrity and transparency

Distributed ledger technology (DLT) is characterized by ensuring integrity and transparency, allowing all network participants to observe transactions and associated information.

High level of traceability

Distributed ledger technology (DLT) is characterized by being a digital system with a high level of traceability, as it can accurately, transparently, and immutably record every transaction within the network. This facilitates data verification and approval, as it provides a history of all events.

Differences with blockchain technology

Due to its characteristics, distributed ledger technology is often confused with blockchain technology. Therefore, we mention their main differences below:

Category level

DLT technology has a “higher” category than Blockchain, since according to its category, we can say that all blockchain networks are DLT technologies, but on the contrary, not all DLTs are blockchain technology.

Applicability

Depending on the industry or sector, one technology may be more applicable than another. For example, a DLT can be adopted or implemented in the banking sector, allowing for simpler operations and lower fees. However, using a DLT does not necessarily require adopting blockchain technology as the primary system. There are other DLT systems that can be used for this purpose, such as Tangle, Hashgraph, DAG, Holochain, Radix, among others.

Place where the information is stored

Distributed ledger technology is a type of database distributed across different participants, sites, and regions. Blockchain’s operation, on the other hand, depends on the constant generation of blocks in which information is stored (these blocks are linked to others, generating a linked and immutable record of information).

Consensus

Blockchain uses specific consensus algorithms such as Proof of Work (PoW), Proof of Stake (PoS), or Proof of Authority (PoA) to validate and aggregate transactions. Distributed ledger technologies, on the other hand, use a variety of consensus algorithms depending on their requirements, allowing for greater flexibility in choosing the right algorithm for each specific case.

Main applications of DLT

Because distributed ledger technology (DLT) provides security, transparency, and decentralization to businesses, it currently has a wide range of applications that enable data and transaction management across a variety of industries.

Among the main applications, the following stand out: security and efficiency in transactions and operations of financial services, smart contracts, management of supply chain, Internet of Things (IoT), energy sector, voting systems, data management, and healthcare providers, among others.

What do you think about this topic? Do you want to learn more about distributed ledger technology (DLT)?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post Learn more about distributed ledger technology (DLT) first appeared on Pilsenga blog.

What is USDC?

USDC is a stablecoin designed to maintain a stable value because it is pegged to the US dollar. Each USDC token is backed by a US dollar in cash or an equivalent asset, such as short-term US Treasury bonds, ensuring its value remains constant, protecting it from the volatility of other cryptocurrencies.

Creation and launch of USDC

USD Coin (USDC) was created on May 15, 2018 by the Fintech company Circle, it was designed as a stablecoin backed by the US dollar and which began its circulation in the market in September 2018 with the support of Circle and Coinbase, thanks to its link to the US dollar it was quickly gaining ground as a transparent and regulated stablecoin.

By September 2019, USDC had already become an important alternative in the cryptocurrency ecosystem, thanks to its adoption within a wide variety of exchange platforms and platform trading.

Regulatory approvals in Japan and Dubai

In 2025, USDC strengthened its credibility and increased its global reach as fintech firm Circle secured regulatory approvals in Japan and Dubai, leading USDC to also achieve significant growth in its market capitalization, reaching a record high of $60 billion.

Main features

USDC has become one of the most widely used stablecoins as it stands out for having the following characteristics:

Regulatory compliance

USDC is characterized by being a stablecoin that complies with strict regulatory standards such as those established by the United States, Europe, Japan and Dubai, which allows it to provide users with greater security and stability.

Wide accessibility

USDC is characterized by having a presence and operational support in more than 15 blockchain networks (such as Ethereum) and in around 180 countries.

Stability

USDC is characterized by its stable value, as it is a stablecoin pegged to and backed by the US dollar, with a 1:1 ratio to cash or cash-equivalent reserve values.

Versatility

USDC is characterized as one of the most versatile stablecoins on the market, as it offers users the possibility of using it in payments, trading, decentralized finance (DeFi), and savings, among other types of operations.

Trust and transparency

USDC is known for being one of the most trusted and transparent stablecoins on the market. This is because the Fintech company Circle constantly conducts audits and reports on USDC reserves.

Quick liquidation

USDC is characterized as a stablecoin that offers high-speed transactions, as it features rapid settlement for each financial transaction, which is an advantage for users conducting cross-border transactions.

The Main differences between USDC and USDT

Due to their popularity, stablecoin status, and similar acronyms, many people and businesses tend to confuse USDC (USD Coin) with USDT (Tether). The main difference between these two cryptocurrencies is their transparency. For example, USDC stands out for its focus on transparency, as Circle publishes monthly audits conducted by independent accounting firms (such as Grant Thornton) that verify that every USDC in circulation is backed by a US dollar or equivalent asset in reserves.

On the other hand, USDT (Tether) has been criticized on occasion for a “relative” lack of transparency. Although Tether now provides reserve reports, it has historically faced questions about whether it was truly fully backed by dollars. For example, in 2021, following an investigation by the New York Attorney General’s Office, it was revealed that it did not always maintain a 1:1 reserve, leading it to pay a $41 million fine and be required to submit periodic reserve reports from that date on.

What do you think about this topic? Would you like to learn more about USDC and Pilsenga’s financial services?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post What is USDC? History and main features first appeared on Pilsenga blog.

Tailor-made service

It’s important for companies to have an international payment service that meets their needs, as this will allow them to have a platform tailored to their expectations, capabilities, and number of financial transactions. Pilsenga stands out in this regard, as its payment platform has been designed to meet the needs of each company, especially in terms of size, characteristics, and business sector.

Protocols and security measures

It’s essential for businesses to have a payment service that protects their user’s information and offers peace of mind when conducting international transactions, which can be achieved through a platform with a high level of security.

At this point, Pilsenga stands out, since its platform has several protocols and security measures that comply with the different local regulations and standards of the financial industry, among which the following stand out: transaction approval, identity verification platform, custody of multiple assets, integration of security controls, data encryption, multi- factor authentication, among others. 

Regulatory compliance and risk management

Transnational companies must have a payment service that complies with the various standards and regulations, both within the sector and the region, especially to avoid fraudulent activities and fines or sanctions from authorities and regulatory bodies.

At this point, Pilsenga stands out, since, in addition to complying with the different regulations (local and regional), it also advises companies on how to comply with the various standards and regulations in the sector. This way, companies can improve their operational efficiency and risk management, avoiding fraudulent activities such as money laundering, terrorist financing, among others.

Payment gateway with broad asset support

It is important for transnational companies to have a payment service that provides support and offers its user’s different payment options. This is where Pilsenga stands out, as it offers its customers a payment gateway that works with various fiat and crypto assets through the use of a multi-currency IBAN account (which allows sending and receiving SEPA and SEPA Instant payments) and the use of cryptocurrencies such as Bitcoin, Ethereum, and USDC.

It’s important for multinational companies to have a payment service that supports and offers its user’s different payment options. Pilsenga stands out in this regard, offering its customers a payment gateway that operates with multiple fiat and crypto assets, either through the use of a multi-currency IBAN account (allowing them to send and receive SEPA and SEPA Instant payments) or through the integration of cryptocurrencies such as Bitcoin, Ethereum, and USDC.

Wallet and Exchange

Due to the use of digital assets as a payment alternative in many international markets, transnational companies have found themselves in need of financial tools that allow them to manage different digital and fiduciary assets. Pilsenga stands out in this regard, as it offers its clients complementary services. as Wallet and Exchange, which allow companies to manage their digital and fiduciary assets in an effective and versatile way.

With the Wallet service, businesses can send, receive, store, and safeguard both cryptocurrencies and fiat currencies, while with the Exchange service, businesses can buy, sell, and exchange cryptocurrencies.

Batch payments

Companies generally look for an international payment service that helps them optimize their business operations and manage group payments. Pilsenga stands out in this regard, as it offers the complementary batch payment service, which helps companies manage (automatically and optimally) their payroll, supplier, and other payment operations.

What do you think about this topic? Would you like to learn more about Pilsenga’s International Payments service for businesses?

If you are interested in Pilsenga products or services (including international payments for businesses), you can contact us by visiting the following link.

The post International Payments for Businesses: Why Choose Pilsenga? first appeared on Pilsenga blog.

Level of integration

When choosing a SEPA and Wallet provider, it’s advisable to evaluate the level of integration of the provider’s platform, as the system must adapt to the company’s needs in order to provide convenience and efficiency when managing the organization’s financial resources. For example, it’s important that the system integrates easily with pre-existing payment or accounting systems, such as an e-commerce platform or accounting software.

Regulatory and normative compliance

It’s recommended to assess whether the company complies with SEPA standards and is regulated by recognized financial authorities. This will allow us to understand the security protocols and measures implemented by the provider, which will help us determine their level of trustworthiness and professionalism.

Services or functions

When selecting a SEPA and Wallet provider, it’s recommended that the company’s complementary services or features be evaluated. Having additional services allows you to optimize financial management and improve the functioning of the SEPA account and Wallet, adapting it more effectively to the company’s specific needs. Additional services that can benefit an organization include multi-currency IBAN accounts, batch payments, accounting packages, invoicing features, exchange options, and more.

Rates and commissions

It is important to evaluate the fees and commissions charged by each provider, as there may be hidden fees or commissions that can significantly affect a company’s operating costs, especially when the organization handles a high volume of transactions.

User interface

It is advisable to evaluate the wallet’s user interface, as it is an important factor that directly affects the efficiency and user experience when managing their digital assets. It should be noted that an intuitive user interface not only saves time but also minimizes the percentage of manual errors, allowing digital assets to be managed quickly, easily, and with a high level of security.

What do you think about this topic? Would you like to learn more about Pilsenga’s SEPA and Wallet service?

If you are interested in Pilsenga products or services (including SEPA payments and business wallets), you can contact us by visiting the following link.

The post SEPA Wallet: Tips for Choosing a Provider first appeared on Pilsenga blog.

Security level

When choosing an Ethereum wallet for businesses, it’s important to evaluate the wallet type and security level of the provider’s platform, as this will allow us to protect users’ personal and financial information.

Ethereum wallets can be physical (hardware wallets) or desktop applications, and their security level depends exclusively on the company or user managing them. If an unauthorized person gains access to this information, the assets contained in the wallet may be exposed.

On the other hand, in the case of custodial Ethereum wallets or centralized wallets, control of the assets is shared between the provider and the company, so it will be necessary to evaluate the level of security offered by the provider’s platform (which offers the private key custody service). In this case, it is important to know what protocols and security measures the provider implements.

Wallet reliability

When choosing an Ethereum wallet for business, it’s important to evaluate the wallet’s reliability by reviewing comments and reviews from its customers or users. However, it’s important to verify the “truth” of these comments, in addition to looking at the intermediate ratings, since these tend to be more objective and less emotional. This way, you can choose (objectively and effectively) the alternative that best suits your needs.

Additional functions or services

It ‘s important to evaluate the additional features or services offered by the provider’s platform, as this allows for greater versatility and flexibility in our operations. Key additional features or services include payment processors, asset purchases from IBAN accounts, cryptocurrency exchanges, and more.

Evaluate user interface

When choosing an Ethereum wallet for businesses, it’s important to evaluate the provider’s platform’s user interface. A simple and user-friendly interface will allow us to manage our digital assets more efficiently and quickly. On the other hand, if the platform isn’t user-friendly or intuitive, we won’t be able to take advantage of all its available features and tools.

Level of integration with pre-existing systems

When choosing an Ethereum wallet for business, it’s important to evaluate the level of integration the provider offers with other pre-existing systems, whether operating systems, accounting platforms, or the company’s financial systems.

A seamless integration minimizes operational risks, such as manual errors or payment processing delays, which is important for companies that handle large transaction volumes. On the other hand, if the wallet is compatible with the operating systems employees already use, the learning curve is reduced and productivity is improved. Furthermore, cryptocurrency operations will be aligned with the company’s existing technological infrastructure, enhancing both the functionality and scalability of the entire organization.

What do you think about this topic? Would you like to learn more about Pilsenga’s Ethereum wallet service for mid-sized businesses?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post How to choose an Ethereum wallet for business? first appeared on Pilsenga blog.

Electronic Money Tokens (EMTs)

Electronic Money Tokens (EMTs) are a type of crypto asset that has been designed as a Stablecoin, which links its value to a single fiat currency, generally functioning as a digital representation of electronic money.

MiCA regulates EMTs with the aim of preventing manipulation in their issuance and use, which allows for guaranteeing fair practices and protecting users against any type of risk related to non-compliance by the issuer or the loss of the link of the tokens, which can be achieved through established regulations.

Asset Referenced Tokens (ARTs)

Asset-Referenced Tokens (ARTs) are crypto assets that are characterized by having their value tied to other assets or a combination of assets, such as commodities, fiat currencies, and even other crypto assets. This distinguishes them from EMTs, which are tied to only one fiat currency.

MiCA regulates ARTs to ensure a safe and transparent market, similar to what happens with EMTs. However, it’s important to highlight that, by regulating ARTs, MiCA also promotes financial stability in the market, especially in the event that mass adoption of this type of crypto asset causes its value to deviate from the assets that originally determined its initial value.

Other crypto assets

The MiCA regulation defines “other crypto assets” as crypto assets not classified as EMTs or ARTs. Therefore, it should be noted that the “other cryptoassets” category is quite broad and tends to be more unstable, as they lack the stabilization mechanisms of EMTs and ARTs. It is important to note that crypto assets such as non-fungible tokens (NFTs), security tokens, and central bank digital currencies (CBDCs) are excluded from this category .

By regulating “other crypto assets” MiCA is assured of creating a comprehensive framework that allows regulating the crypto market that includes Utility Tokens (a token that grants access to a decentralized application or platform), Cryptocurrencies (Bitcoin or Ethereum), and Non-Stable Tokens, which are characterized by being decentralized crypto assets and whose value is not linked to any underlying asset and therefore, can be volatile, since it depends on market supply and demand.

Importantly, MiCA requires issuers and providers to disclose detailed information about crypto assets in white papers, in addition to establishing standards and protocols that reduce the risk of fraud or deceptive practices in issuance or promotion, ensuring consistency of regulations across the European Union and standardizing the crypto market, which provides security and confidence to potential crypto asset investors.

What do you think about this topic? Would you like to learn more about the services Pilsenga offers?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post Crypto assets under the European MiCA regulation first appeared on Pilsenga blog.

Expensive service

Some people and companies believe that accounting packages for companies have high costs, especially for medium-sized companies, however, most accounting packages are designed to help companies, both in profitability and scalability, and since there are several providers in the market, their prices end up being more accessible due to free competition.

Accounting packages are tools that adapt to the needs of each company (whether small, medium or large), in addition to the fact that there are different alternatives on the market, all of this allows finding accounting packages that are more accessible and in accordance with the needs of each company or business.

Designed only for a business sector

Many individuals and businesses have come to believe that business accounting packages are designed only to meet the needs of a particular business sector; however, accounting packages are designed to fit the needs of each organization and can be customized by industry or sector. For example, Pilsenga’s accounting package can be tailored to the needs of medium-sized businesses and the energy sector.

Medium-sized companies do not need this tool

Many people and companies believe that accounting software is a financial tool that is useful for large businesses. However, accounting software can be used in businesses of all sizes (e.g., medium-sized businesses), helping to optimize and simplify financial management through automation, accuracy, and efficiency.

They need updated accounting systems to integrate

Some people and businesses think that mid-sized accounting software packages can only integrate with up-to-date or cutting-edge accounting systems. However, the truth is that business accounting software packages are designed to integrate with any type of accounting software or business system, enabling businesses to immediately use this financial tool.

There are no differences between the accounting packages

Some people believe that there is no difference between the different types of accounting packages offered by vendors. However, the truth is that accounting packages are designed to meet the needs of each company, offering different features, integration capabilities, scalability, and complementary services.

Difficult to use

Many people and companies believe that accounting packages for medium-sized businesses are difficult to use, as they require a high level of knowledge about computers. However, most accounting packages are designed to be used in a practical and easy way, characterized by having an intuitive user interface to help make accounting processes more efficient and user-friendly.

They only provide financial records

Many individuals and businesses believe that accounting software packages only provide financial records and are, therefore, not essential. However, accounting software packages aim to help businesses optimize all their accounting processes. Through this tool, companies can manage payroll, prepare budgets, monitor cash flow, ensure tax and regulatory compliance, and more.

What do you think about this topic? Would you like to learn more about accounting packages?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post Seven myths about accounting packages for medium-sized businesses first appeared on Pilsenga blog.

Euro as a single currency in the European Union

Six years after the European Union was created in 1993, the euro was created to provide a solid financial and political foundation for Europe. However, in its early days, the euro was only introduced virtually (on January 1, 1999) and was used for electronic transactions in financial markets and large-scale corporate transactions, including interbank transactions (cross-border settlements in euros), government bonds (converting existing debt into euros), euro-denominated stock and bond markets, as well as corporate transactions such as invoicing, contracts, and accounting in multinational operations.

It is worth noting that the virtual euro was used as a “parallel currency” as coins and banknotes (physical euros) were introduced, coexisting with the coins as a single currency, which allowed the creation of a single market and a unified financial system in the European Union.

Single Euro Payments Area (SEPA)

Once the euro began circulating in the member countries of the European Union (Eurozone), it was observed that using the same currency made it more convenient and easier to make payments. However, this could only be seen in payments using cash since there was still a gap in electronic payments at the personal, business, and medium-sized enterprise levels.

It was then that the European Union developed the Single Euro Payments Area (SEPA) initiative, which aimed to further consolidate the European market and financial system by simplifying and standardizing euro payments between member countries of the European Union.

SEPA payment system

The SEPA payment system was introduced into the European financial system in several stages:

SEPA payment system in 2008

In 2008, the SEPA Credit Transfer (SCT) system was introduced into the European financial system, standardizing euro credit transfers between member countries, thus enabling seamless and efficient cross-border payments.

SEPA payment system in 2009

In 2009, the SEPA Direct Debit (SDD) system was introduced into the European financial system, standardizing cross-border direct debit payments in euros. This SEPA Direct Debit system made it possible to automate recurring payments, such as utility bills or subscriptions, across member countries.

SEPA payment system in 2014

The year 2014 marked the deadline for Eurozone member countries to migrate to the SEPA system. It was required that by February 1, 2014, member countries would fully adopt the SEPA standards for their SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) transactions, in order to meet the goal of creating a unified and efficient payment system for cross-border transactions, allowing them to be as fluid as domestic transactions.

SEPA payment system in 2017

In 2017, the SEPA Instant Credit Transfer (SCT Inst or SEPA Instant) system was introduced into the European financial system. This allows for real-time euro payments, enabling transactions to be completed in as little as 10 seconds. In this way, SEPA payments offered a new level of transactional flexibility within the European financial system, offering speed and convenience for consumers and businesses within Eurozone member states.

SEPA payment system in 2025

In 2025, significant advances will be made in the SEPA payment system due to the implementation of new regulations, particularly related to the European Instant Payments Regulation. These new regulations require instant payments in euros within 10 seconds; therefore, all payment service providers (PSPs) in the eurozone must offer instant payment services in euros with fees comparable to traditional SEPA credit transfers.

Furthermore, in 2025, the SEPA Instant Credit Transfer Regulation (SCT Inst or SEPA Instant) introduces improvements to the European financial system, including the elimination of the maximum transaction amount, which will allow for higher-value instant payments.

What do you think about this topic? Would you like to learn more about SEPA payments for businesses?

If you are interested in Pilsenga products or services (including SEPA payments for businesses), you can contact us by visiting the following link.

The post History of SEPA payments first appeared on Pilsenga blog.

They are not part of the traditional financial system

Many people and companies have come to believe that Virtual Asset Service Providers (VASPs) are not part of the traditional financial system. However, these providers are regulated by the financial sector and have platforms/ecosystems with different financial services, which allow buying, selling, or exchanging virtual assets. easy and intuitive way. In this way, VASPs become an indispensable bridge to “close the gap” between traditional financial systems and the decentralized world of digital assets.

Not regulated

Some people and companies think that Virtual Asset Service Providers (VASPs) are not regulated. However, VASPs are entities that operate under strict rules, regulations, and standards of different jurisdictions and the financial industry in general (for example, anti-money laundering and countering the financing of terrorism regulations). It is worth noting that VASPs help clients comply with various industry regulations, allowing for legitimate and more transparent virtual asset transactions to take place.

Services that require technological knowledge

Some people think that the services offered by Virtual Asset Service Providers (VASPs) require users to have certain technological knowledge in order to take advantage of all their benefits. However, many of these services are intuitive and accessible, as different technologies and financial services have been developed that allow clients to simplify different processes related to virtual assets, allowing them to be increasingly easier to use and accessible to all types of users, regardless of their level of skill or technological knowledge.

Low level of security

Some people and companies believe that Virtual Asset Service Providers (VASPs) have a low level of security on their platforms. However, there are several providers in the market that have a good reputation regarding security, which, in order to be more competitive in the sector, invest in software, tools, protocols and security measures to have a high level of security on their platform, in order to protect the digital assets and data of its users.

They only operate with cryptocurrencies

Many people and companies believe that Virtual Asset Service Providers only have the ability to operate with cryptocurrencies. However, the truth is that the VASP are financial entities that have developed different services to facilitate all types of financial operations, such as tablecoins, tokens, digital currencies, cryptocurrencies, and fiat currencies.

What do you think about this topic? Do you want to know more about the services offered by Pilsenga?

If you are interested in Pilsenga products or services, you can contact us by visiting the following link.

The post Five myths about Virtual Asset Service Providers (VASP) first appeared on Pilsenga blog.