Visma Connect is a Trusted Information Provider. Since its establishment in 2006, Visma Connect has been the global specialist in Standard Business Reporting and qualified messaging. Visma Connect provides information exchange and messaging services to governmental institutions and companies, where the protection of sensitive and confidential data are essential. The exchange of secured information and messages calls for strict requirements. The recipient of the information must be able to confirm who the sender is and the sender must be able to confirm that the information has been delivered to the correct person. Both parties must be able to confirm that the information is reliable, accurate and supplied in such a format that the information can be used and processed. To clarify in more detail, please find below an example of the items processed by Visma Connect in the Netherlands on an annual basis:

• 824,000 annual accounts;
• 10.4 million SWIFT messages;
• 23 million tax returns;
• 80 million Single Window messages;
• 82 million message box messages;
• 120 million logistics sector messages;
• 73 million customs messages.

A part of Visma Connect is the provision of services in the area of Critical Payments. Visma Connect provides SWIFT integration and payment processing.The company is a specialist in relation to combatting Financial Crime, Anti Money Laundering (AML), Sanctions Screening and Know Your Customer (KYC) processes. In addition, Visma Connect has specific expertise in relation to blockchain and the private, public or hybrid possibilities that blockchain offers. Visma Connect assists with the realisation of blockchain projects and manages or develops blockchains or the components thereof, such as nodes. Some of the applications in which Visma Connect is involved:

Decentralized applications, such as smart contracts or apps that are triggered and activated depending on activities throughout the (supply) chain; · Decentralized audit trails in which transactions must be validated by all parties in the (supply) chain; ·

• The prevention and tracing of intellectual property right infringements, such as piracy, parallel import and the import of counterfeit goods, through track-and-trace;
• Self Sovereign Identity, an application through which citizens control their own digital identity and are able to use it to gain access to online services and communicate with institutions;
• Managed nodes, where Visma Connect supports participants in setting up and managing nodes because there is no party in charge of the entire blockchain.
• The City Pass (Stadspas), a fully digitised solution through which a municipality earmarks the available budget per pass holder and records transactions for, for example, sports or culture activities. This service solution creates huge savings forthe municipality by minimizing the administrative burden.

Penrose (under the supervision of Lukas Witsenburg) provides Visma Connect with legal advice and assistance in the Netherlands in order for Visma Connect to achieve its goals.