and at what moment he should pay, on the other hand, why we want this payment service through sbp via qra such an application bank or something like that application. his phone on the qr code, he chooses not only but if we simplify it, then the person simply points out which tool to pay himself and here the key word is himself, but he is not forced, yes, that is , he can pay, as i said from the bp, or he can pay he chooses a payment order from a bank or a payment service from an account in general. with which instrument to pay and chooses through which bank and confirms the payment, but the most remarkable thing is that when he then, for example, goes to some other store, if he wants to pay in the same tool and to the same banks... it simply already confirms the payment, that is, we will also create a technology that will allow the client to remember the last bank that is convenient for him, the platform took a long time to be written, you know, in general in our country the principle always works, but i i paraphrased it a little for myself, before it was a five-year plan in 3 years, for

marvin: qra this month" or is not going to be the most important aspect.ot going to get a lot of changes but really thinking through how the cycle is going to wind up and who is going to wind up dying all these treasuries is going to be the most important thing everything out. if the doj is buying less, somebody has to buy them. and if those are treasury buyers at the moment, when we think through this, you have to ask the question who is going to wind up picking up this increase in a treasury assurance which really starts to ramp up in the middle of next year. jonathan: smells like steepening in 2025. is that what it is for you? marvin: yeah. jonathan: what we've seen is the bull steepening set the front end of the curve. why do you take a different perspective? marvin: rate cutting cycles have a massive tailwind for everything. the natural gravitation to go long duration during rate cutting cycles is something you just don't fight. but when we had the volatility last wednesday and we had long yields going higher, you really needed to ask your question. i