# Enabling Next Gen Banking

- Channel: [Dappcon](https://streameth.org/dappcon)
- Date: 2025-06-17
- Duration: 19:12
- Watch: https://streameth.org/watch/685167754ac43bf73dad2da1

## Transcript

Awesome, so good afternoon everyone, hope you have been enjoying these past few days of DEPCON. So, I'm going to be talking here about how MosesPay is enabling what we have been calling next-gen banking. But in order to understand how we're enabling that, let's first understand why we're talking about next-gen banking and what does that actually mean, right? So I think I just went too fast. So what are the problems we're trying to address here? So technology has become global and we all have been using in our day-to-day lives things like Spotify for listening to music, Netflix for entertainment overall, Uber for transportation, TikTok, Facebook, Instagram, you name it, for social media. And there are like all global brands, global experiences. So if I move from Brazil to Germany to Portugal to Switzerland to the UK, I pretty much enjoy the exact same experience dealing with all of those companies, right? But why that's not the case for my bank? Why if I move from Brazil to Germany, I have to move from Noob Bank in Brazil to Deutsche Bank in Germany or to Revolut in the UK? Why can't I have just a seamless sort of like global banking experience? So in order to understand that, I think it's good to understand what banking is about. And banking, here I'm talking banking as a verb, not bank as necessarily an institution. It's one of the oldest activities that is in the world. So there are like five, actually you can find that six basic layers for banking. So first of all, like how you store value, then like how you manage your identity and compliance, right? So we don't want other people getting access to your funds. Then how you process payments and transfers, how you receive income, potentially like how you pay taxes, how you get access to credit and borrow, and how you save and build wealth for the future, right? So those are the sort of like the six basic layers for banking. That activity has been evolving over the past like 4,000 years, right? So you got all the way back to the sort of very, very old ancient origins, like all the way through like modern banking and contemporary banking. So where we are right now is in an age where banks have leveraged a lot of technology first to be more efficient, to be more profitable, right? So we all got access to our first like mobile internet bankings. Then we moved to the neo-bank era where you get this very nice UI and user experience, but it's built on top of like very old legacy infrastructure, right? And what does that mean at the end of the day is that this is something that prevents us from going towards this like global banking experience. Because we cannot process a transfer from the UK to Brazil and vice versa if we're depending on Script, which only works 9 to 7, Mondays to Fridays, and it's a super cumbersome network to operate on, super costly, and managed by the very traditional banks. And lastly, like you still have regulations that differ on a country-by-country basis. Local payment rates also differ on a country-by-country basis. User behaviors, like there's just some very local unique user behaviors, and how you manage to accomplish like a single banking experience through all of that. And in our view, that's what Nozospace is enabling. It's like building this future, like next-gen banking, and it created this global banking experience with like a global account. And how does that work? Like so if you want to view all of those six different layers of banking, and you break that down in like how you store value nowadays, we can have like a one-chain smart account where you store all of your digital assets in there that you're going to be using to spend on a daily basis. We have a compliance toolbox that allows you to screen those assets for money laundering, for like compliance checks, all the sort of things that you have to do in order to connect to the traditional financial rails all over the world. Then you have payments, and in payments you have a global payment method, which right now primarily we depend on Visa and MasterCard to be accepted worldwide. So Visa and MasterCard allows you to get accepted on over, let's say like close to 200 million merchants right now all over the world, and you have the local payment integrations, right? You have, for instance, like PIX in Brazil, SEPA and IBANs in Europe, FedWire in the U.S., and you can keep going on that. Then we have the potential to integrate with partners in the NOS's financial ecosystem, like Monerium, BRLA, and NOAA, to integrate on those local rails with Visa to connect on the global rail. On top of that, even when all this space is built on a permissionless API, you can leverage all the DeFi protocols to do all the savings, wealth building, borrowing, credit, all the other different functions that you can do on banking. But at the end of the day, why does it matter, right? And I think for those of you who were here last year when MosesPay was announced and launched, so some significant things have changed and we've accomplished quite some interesting things. First of all, we processed 1 million payments, meaning 1 million transactions of crypto payments being processed to merchants all over the world in a very seamless way, actually in over 115,000 merchants in 10,000 cities in over 130 countries in all five continents. So that's the scale of distribution that you can get in a year. Instead of having to build all of these yourself, bridging the DeFi rails with the blockchain crypto rails in leveraging compliance, regulations, and connecting that to what we use as our day-to-day in crypto allows you to do that. That's all like one single on-chain, self-custodial, smart account. But MosesPay, we're not here to do this, to become a new bank ourselves, so it's not our strategy to create and control the ultimate user experience, so we're about providing the infrastructure to power the thousands, dozens of thousands of neo-banks and others who want to offer that capacity to their client base. Crypto-native world-wise, so I think we're like embedding the crypto superpowers and blockchain capacity on a very simple way for everyone to use. So MosesPay is good for the open internet. What does that mean is that our API is permissionless whenever it's possible to be permissionless. So right now we have three partners that are directly integrated with MosesPay, so Xeo, Picnic, you're going to hear from one of our friends here quite soon, Metri, the Moses Gateway to Circles also. So all of those partners are integrated through the MosesPay API and they can very simply, a very straightforward, simple fashion, issue a card to their client base and process payments like all over the globe. So in most cases, like a quick demo is worth more than a lot of words also, right? So hopefully this works, but the idea is to also showcase how simply you can integrate with MosesPay. So our idea is to build MosesPay with a developer's first approach. So I haven't been coding for a while, so you guys are going to have to bear with me for like a little bit and hope this still does work. But basically I have my, let me see how I can switch to my screen here. Okay. So I have my Xeon wallet here, my browser. And I have Postman, so for those of you who are not as technical, that's a super nice interface for you to test APIs. So basically I can start by getting a very simple API call to get a notice from MosesPay. And I can use my wallet to sign a transaction, authorizing MosesPay API to get access to my information here. I verify this signature. I get a token now that all my further API calls can basically leverage this token for everything that I'm going to be doing here. So the first thing that I can do is get my user profile. It did work. So I get all the information from my test account here. So someone seems to be eating a lot of feijoadas here, I don't know why. But, so I have all my information here. And if I want to create a virtual card order, meaning I want to create a virtual card to buy circles, my card is created. I just created a virtual card connected to my Web3 wallet. And it's been a while since I haven't been coding for real. And I can manage every single thing from here. So if I go back to my MosesPay account, I have one more card created. You know my list of cards. I did a lot of tests before doing this, right? So it's as simple as that. So hopefully we're not going to hear anything too different from João and I can talk about Picnic. It's not too complex, right? Because it's not supposed to be. And that's going to be the exact same experience if you are in Brazil, in the UK, in Germany, anywhere else. So we're able to do what we call a low and non-compliance. So if you want to on-ramp your funds in Brazil using a PIX transfer to your MosesPay account, you're going to be doing KYC only once. You on-ramp funds in Brazilian Reais using PIX. You get Brazilian Reais in your account. You swap Brazilian Reais for USB-C on-chain through CalSwap. You get your USB-C on-chain. You issue your MosesPay card virtually. You add it to your Apple Wallet or like your Google Pay Wallet. You pay for something out of that account. Or if you want to do like a transfer out as well, money out, money in, you can do all of that with one single integration. If there are no questions, that's all. I'm going to give an overview of what this is all about. I'm happy to take questions here. Thank you so much, Rafa. Let's open it for questions then. First one. Thank you for the demonstration. Can you elaborate a little bit about how and to what extent it is decentralized, this API endpoint, I would say, or the underlying infrastructure, so we can rely on that? That's a great question. I get it all the time. Primarily because if you're talking about decentralization and you're talking about cards and Threadify, it isn't love at first sight. They're not meant for each other. They didn't bump out of Serendipity on some weird place and be falling off automatically. They have very different concepts. They come from very different backgrounds. How do we reconcile Threadify with DeFi in all of that? It's like any type of relationship. Something's got to give. Where you define the boundaries is what's extremely important. Nosespin relies on this decentralized, fully decentralized account. We have right now a smart contract that holds all of your assets in there. On Nosespin, fully decentralized. What we developed as a core technology is the ability to process Threadify payments from that smart contract. What does that mean? A card is a type of payment that's super interesting because you can do a lot of things with a card. You can put a transaction. Everyone here uses Uber, right? We all do use Uber, right? When you order an Uber, you are authorizing Uber to charge you on your card, let's say like seven bucks, seven euros, to go from point A to point B. You do that authorization. At the end of the ride, you give five stars to your driver and you give him a 5% tip, a 10% tip. How does that work from a payment perspective? Or if you're not happy with the driver, you want to cancel that ride. How does that happen? This is not something that's super intuitive to build on blockchain because once you sign a transaction for five bucks, okay, I want to give like a dollar, an euro extra for tip. How can I make that happen? I have to sign another transaction and so on and so forth. There's some reconciliation on how Threadify and blockchain work. That's what's encapsulated in our API, right? So you always have control over your funds. You can go on chain and like revoke all the assets and do all the type of things that a very experienced like Web3 developer can do. But to some extent, there needs to be a bridge to those Threadify payments. And what I have built is the capacity to do that. So you can simply say like, look, I don't want to get access to your account anymore. Just shut this down. We're going to be fine. We're just not going to be able to process car payments. Or like if we enable it again, like we can process car payments. But your assets are always like on a centralized way. To some extent, like once they leave your wallet to be cleared and settled with like Visa or any other payment processor, we're going to have to take those funds. And we do this in a way that we don't take custody of the funds ourselves either. So if you take a look at like how funds leave your wallet all the way to the merchant, all the way up to Visa, we don't touch the funds. And then Visa right now currently pays most merchants via Threadify. So they will offer them those funds and settle with the merchants through Threadify. Thank you so much, Rafa. We unfortunately don't have time for more questions, but if you have questions, find Rafa Randevenue, ask the questions. Thank you so much, Rafa. Thank you.