 In simple terms, APIs are connectors of building blocks that you need to set up a given solution. Building blocks could be pieces of software or devices. In fact, APIs are not a new concept. They've been around for quite some time now, and they've been used in many different ecosystems and use cases to beef up business models and businesses. Like, for example, we can think of Salesforce and Google as an example of successful usages of open APIs. APIs are so relevant today that we can refer to the concept of open APIs economy. And we could better understand this concept, we could break it down into three waves. So the first wave is the early 2000s when individual organizations used open APIs for internal internal purposes, or with clients in a in a bespoke agreement. The second wave came in mid 2000 when effectively there was an industrialization of those APIs and we can think of companies like eBay and Amazon, for example, opening their APIs to the whole merchant base. And the third and final wave came in the last decade, where instead of having one single entity, so one single organization, opening their APIs, there is an ecosystem development push to APIs. An example of this is, for instance, open banking. And the benefits of such ecosystem development of APIs are immense. So we can think really of the ability of opening up the infrastructure and the whole market. And the consequences are that new services can be built around this market by either startups or existing players. Also, there is this open APIs give us the opportunity to break oligopolies, should there be oligopolies in a given market, as well as developing new offerings around based on data. And that's exactly in this context in this third wave of of APIs based on the development based on ecosystem that we see the sport of the creation of the OZ initiative that is a partnership between public sector so governments and private sector. So companies active in the identity market, spanning the whole value chain of the identity market as well as all types of companies from startup down to SMEs and then corporate. And this ecosystem of public actors and private actors together are developing a set of open APIs as an open standard to bring interoperability in the in the identity market. And what is interesting is that thanks to this interoperability and to some of these APIs that are being developed new services around identification or authentication could be developed. The delivery of financial services is reliant on level of trust, which support the complexity of those services. So for example, a low value deposit account could be open through the creation of a basic bank issued identity with a relatively low level of trust, such as for instance biometric, but without proof of formal identity like address or credit checks. However, on the contrary, in order to deliver a more complex financial service, like for instance credit and insurance, a higher level of trust is needed with the government issued identity being at the top of this trust pyramid. So this tiered KYC or know your customer approach mean that this as much as the level of trust is expanded than more complex financial services can could be delivered. And it's exactly in this context that we can see the open standard APIs approach or the development of open standard interfaces that could facilitate the identity enrichment that we just mentioned by standardizing the exchanges between multiple parties like for instance banks, mobile operators credit agencies insurers as well as governments. And so as we mentioned before, the creation of an ecosystem, an ecosystem push to development of open standard interfaces underpin the tiered KYC approach that is needed today for the delivery of financial services.