Intelligent Applications in Capital Markets: From Architectural Vision to Tangible Value

Over the past few years, the market for digital asset infrastructures dedicated to financial institutions has evolved rapidly. Specialized players have emerged focusing on execution, smart routing, custodian integration, and multi-venue access. At the same time, the European market is entering a new phase of maturity: MiCA, DORA, the DLT Pilot Regime, CASP authorizations, and developments related to stablecoins and CBDCs are progressively transforming digital assets from an experimental market into a potentially structural component of Capital Markets.

In this context, the challenge for banks is not simply gaining access to new instruments, but governing them within existing processes while preserving operational continuity, risk control, and compliance. This is where TAS’s value proposition is positioned: not to build a separate crypto value chain, but to help banks integrate digital assets, DLT infrastructures, traditional systems, and control processes into a single, coherent operating model.

From Crypto Trading to Operating Model Integration

Many of the platforms currently available on the market were designed with a predominantly “crypto-native” approach, primarily focused on enabling digital market access, execution, smart order routing, custody integration, and trading lifecycle automation.

From the perspective of European banks, however, the key challenge appears different: preventing digital assets from introducing a new operational silo disconnected from existing Capital Markets architectures.

Our vision is based on a clear assumption: in the short to medium term, digital assets are not expected to fully replace current infrastructures, but rather to progressively extend the bank’s existing operating model.

This does not mean underestimating the transformative potential of DLT infrastructures. Over the long term, features such as programmability, atomic settlement, and on-chain interoperability could drive profound changes in financial operating models. However, in the current phase, the prevailing model for European banks remains hybrid in nature: progressive integration between legacy systems, DLT, payment infrastructures, and existing control processes.

Market evolution confirms this direction. Increasingly, market participants are shifting their focus:
• from pure crypto trading
• toward tokenization of financial instruments
• regulated stablecoins
• digital bonds
• institutional custody services
• tokenized deposits and commercial bank money tokenization

A Truly Integrated Cross-Asset Platform

Our application proposition is built on the experience gained in managing mission-critical Capital Markets platforms for banks and financial infrastructures.

The objective is not to create a parallel “crypto stack”, but to extend the traditional Capital Markets value chain, enabling it to seamlessly interact with digital assets, tokens, stablecoins, wallets, and DLT infrastructures.

From this perspective:
• OMS, EMS, and execution components must evolve toward genuinely cross-asset capabilities;
• settlement must be capable of orchestrating both traditional and DLT/atomic settlement models;
• treasury and liquidity management must coordinate traditional accounts, wallets, collateral, stablecoins, and tokenized forms of money;
• compliance must integrate MiCA, DORA, and the new controls required by digital assets without multiplying separate operational and application frameworks;
• back-office functions must preserve reconciliation, control, accounting, and reporting capabilities even in the presence of heterogeneous assets and infrastructures.

The central point is therefore not adding a new application layer, but building an operating model capable of integrating traditional and digital assets across the entire transaction lifecycle.

Custody as the Core of the Operating Model

Within the institutional digital asset market, custody is progressively becoming the primary operational, regulatory, and commercial control point of the ecosystem.

The ability to govern:
• wallet orchestration,
• key management,
• policy engines,
• asset segregation,
• operational authorizations,
• integration with AML and compliance processes,

is becoming as strategically important as execution itself.

For this reason, custody — now assuming a central role — cannot be considered a separate or purely infrastructural layer. Instead, it must be natively integrated with treasury, liquidity management, settlement, collateral management, and operational controls.

Integration & Control: The Real Critical Layer

In the digital asset market, the challenge is not limited to “executing orders.” Complexity emerges when institutions must:
• coordinate legacy systems and DLT infrastructures,
• synchronize movements between accounts and wallets,
• manage funding and pre-funding,
• govern reconciliations,
• maintain auditability and regulatory controls,
• coordinate centralized venues, OTC channels, and decentralized infrastructures.

This is why the core component of our architecture is the Integration & Control layer.

This layer orchestrates distributed workflows, integrates legacy systems, coordinates financial flows, and governs operational events and exceptions, preventing the creation of technological silos.

It is this level that enables banks to progressively adopt digital assets within their operating model without compromising existing architectures or losing control over core processes.

Liquidity, Execution, and the New Market Structure

One of the most relevant characteristics of the digital asset market is the increasing fragmentation of liquidity.

Unlike traditional markets, liquidity is distributed across:
• regulated exchanges,
• OTC venues,
• specialized market makers,
• liquidity providers,
• decentralized platforms.

This environment makes capabilities such as:
• smart routing,
• venue selection,
• liquidity orchestration,
• execution policies,
• dynamic pre-funding management

increasingly critical.

Execution quality will depend less and less on simple connectivity to a venue and increasingly on the ability to orchestrate heterogeneous and distributed ecosystems.

Compliance and Regulation: A Framework Still Evolving

The European market is moving toward increasingly regulated and integrated models, but the regulatory framework cannot yet be considered fully stabilized.

MiCA represents a fundamental milestone for the issuance and management of regulated crypto-assets, while DORA strengthens the digital operational resilience framework. At the same time, the DLT Pilot Regime is creating the first regulated spaces for tokenized financial instruments.

However, the European framework is still evolving, particularly with regard to:
• security tokens,
• tokenized deposits,
• bank-issued stablecoins,
• on-chain settlement models,
• interoperability between tokenized money and traditional infrastructures.

In such a dynamic regulatory environment, architectural choices become decisive: institutions require modular, interoperable platforms capable of adapting to market evolution without forcing radical replacement of existing systems.

A Positioning Aligned with the European Banking Market

In this context, TAS positions itself as an independent technology vendor serving the bank’s operating model:
• it does not assume market risk,
• it does not custody assets,
• it does not operate as an exchange or intermediary,
• it enables banks to build their own digital asset operating model.

Furthermore, the economic value of the market is expected to progressively shift:
• away from pure execution,
• toward higher value-added infrastructure and operational services,
• liquidity orchestration,
• custody,
• collateral mobility,
• treasury integration,
• tokenization services.

The real challenge, therefore, is not creating a new crypto platform, but integrating digital assets, traditional systems, DLT infrastructures, and banking processes into a single coherent, governable, and scalable operating model.

This is where we believe the real competitive advantage of the coming years will emerge, and where TAS intends to deliver value: enabling the connection of different worlds without duplicating architectures, while preserving operational continuity and supporting the progressive evolution of Capital Markets toward new digital models.

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Milan, March, 16, 2026 - TAS Group, a leading international developer of software solutions for payments, e-money, and financial markets, announces the appointment of Salvatore Borgese as Chief Executive Officer. This appointment marks a strategic evolution for TAS, which aims to consolidate its global leadership in the digital payments and financial services sector by combining operational continuity with a decisive push towards technological innovation.

Salvatore Borgese succeeds Valentino Bravi, who has led the company over the past 15 years through a fundamental financial recovery and profound modernization of its core platforms, positioning TAS as a benchmark in the European banking software ecosystem and technological innovation.

With a view to continuity and a long-term vision, Valentino Bravi will accompany the transition by remaining an investor in the Group alongside Rivean Capital.

The arrival of Salvatore Borgese brings to TAS a wealth of high-level expertise, gained during a long career at the top of leading Italian and pan-European payment system companies. Salvatore Borgese has over 30 years of experience in the financial sector, with a career focused on developing strategies with a strong focus on technological innovation. After starting out at Banca CRT (now UniCredit), he held senior positions at NTT DATA (formerly Value Team), the Nexi Group (formerly ICBPI), and Intesa Sanpaolo, where he was General Manager of Banca 5 and subsequently General Manager and Chief Commercial Officer of Mooney. He has also held institutional roles in the payments industry, including board member of EPC, Bancomat, and CBI, Vice President of APSP - Payment Service Provider Association, and is currently a lecturer at the Catholic University of the Sacred Heart and a member of the CeTIF board - Banking Division.

The new CEO's vision, focused on the integration of banking services and digital platforms, aligns perfectly with TAS's ambition to accelerate the migration of financial institutions to cutting-edge cloud infrastructures and SaaS models, while ensuring the solidity that has allowed the Group to currently manage over 100 million payment cards and solutions of fundamental importance for the Eurosystem and the core banking systems of major Italian and European banks.

TAS Group Chairman Fabio Benasso said: "We are thrilled to welcome Salvatore Borgese to the helm of TAS. His pioneering vision in digital payments and in-depth knowledge of hybrid banking services are the ideal assets to lead the Group to new heights. Special thanks go to Valentino Bravi for leading TAS with a strategic vision that has ensured solidity and consistent growth in recent years."

Giuseppe Franze, Partner at Rivean Capital, the investment fund that holds a majority stake in the TAS Group, commented: "The arrival of Salvatore Borgese, supported by his deep experience in the fintech sector, represents a guarantee of strategic continuity and ambition for us. TAS today represents a leading technological excellence on the international scene, and we are confident that, under his leadership, it will consolidate its position as a preferred partner for financial institutions. I would like to express my deep gratitude to Valentino Bravi for the extraordinary work he has done and for the value he has created at TAS over the years. I am also happy to continue working alongside him, sharing his vision and commitment to supporting the Group's future development."

Valentino Bravi emphasized the significance of the handover: "I am leaving the operational leadership of TAS with the pride of having helped transform this company into a solid and recognized international player. The handover to Salvatore Borgese is a choice of continuity and perspective, designed to ensure the Group's sustainable and ambitious development over the next decade. I will continue to support TAS as a shareholder and as a member of the Board of Directors, alongside Rivean, providing my experience and strategic vision. Founded over 40 years ago and present in key European markets, TAS, with the arrival of Salvatore Borgese, is preparing to write a new chapter focused on the scalability of its solutions and strengthening its presence in high-potential European markets, confirming its position as a leading technology partner in the digital transformation of the global financial sector."

"I am delighted and proud to be part of an organization of absolute excellence and international standing like TAS, where I can continue the experience gained over the years in the financial services sector, which has undergone radical changes driven by technological innovation," said Salvatore Borgese, the new CEO of TAS. "I believe one of the most important challenges we must overcome immediately is to increasingly organically integrate high-impact innovative models such as AI and new products in the Digital Assets area into our operations, ensuring that these developments can generate value for the future of TAS and its clients."

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The journey toward the Digital Euro has begun, but banks still need clear answers regarding the opportunities and challenges of the new Central Bank Digital Currency (CBDC). For this reason, TAS has decided to meet with financial institutions to discuss how to integrate the new digital currency while mitigating investment impacts and creating value-added services.

“Technological evolution drives change in payment services: digital currencies have emerged, so moving toward the Digital Euro is a natural step,” says Odisseo Di Michele, Business Development Manager at TAS. “Moreover, those operating in crypto-assets today rely on private and high-risk networks that could easily collapse in the event of a speculative bubble. As a result, they are not viewed favorably by supervisory authorities, which must ensure stability, reliability, and resilience in payment systems within their respective markets. Having a Eurozone currency will also reduce dependence on major global digital payment networks, which have cost implications for the system’s resources.”

The First Challenges to Address

However, some critical issues also emerge for banks. The first concerns the cost of implementing new Digital Euro payment services, which must be included in budgets while also assessing the return on these investments.

“Another critical aspect is linked to the fact that digital currency is a form of payment similar to cash,” Di Michele continues. “The amount of digital currency citizens hold in their wallet is withdrawn from the current accounts linked to the Digital Euro app, thereby reducing the bank’s overall funding availability.”

How Many Digital Euros in the Wallet?

Discussions are ongoing between the ECB and banks regarding the maximum holding limit. The Central Bank is leaning toward a threshold of €3,000, while financial institutions would prefer a limit of €1,000.

“The main feature of these Digital Euro accounts (wallets) is that they must be funded via a link to one or more current accounts held by the customer, who can choose which account to draw from,” explains Di Michele. “However, the maximum cap — whether €3,000 or less — will be tied to the individual’s wallet, not to each associated account.”

The Path Paved by Instant Payments

While seeking a balanced solution between the two positions, the ECB recognizes that it cannot move forward without banks and the trust-based relationships they have built with consumers over the years, continuing to innovate in digital payments.

“The introduction of the Digital Euro, and more broadly services based on DLT technologies, confirms and consolidates the now unavoidable trend toward implementing instant payment services available 24/7/365,” Di Michele notes. “Another use case involves offline payments, similar to cash payments — anonymous and untraceable — activated through communication between two devices when there is no network connection.”

Strategies and Investments to Consider

To fully leverage the Digital Euro's innovative potential, banks may consider adopting shared system-wide platforms, upgrading their existing payment management platforms, or implementing new infrastructures dedicated to these new services.

“Our Payments Hub integrates all payment services, and thanks to an advanced technological platform, we will integrate Digital Euro payment services as well,” says Di Michele. “This is a journey that began with the introduction of instant payments last October and continues with the Digital Euro. This infrastructure enables the management of DLT-based mechanisms and new networks, starting with the management of the new Digital Euro account. The goal is to provide banks — and their end customers — with features to control and modify daily or monthly usage limits of the account linked to the wallet, as well as treasury management functionalities. In addition, we are developing solutions for the offline operation of devices connected to the Digital Euro wallet.”

Finally, TAS is working to facilitate the introduction of Digital Euro payment services within treasury management and the Public Administration sector, which will need to adapt to accepting payments in Digital Euro.

DLT for Eurosystem Payment Systems

In July 2025, the ECB approved a blockchain strategy structured around two projects: Pontes, a short-term solution to connect DLT platforms with the Eurosystem’s payment systems, and Appia, a long-term initiative aimed at creating an integrated European ecosystem for the settlement of tokenized assets.

This represents a response to dependence on foreign infrastructures and the spread of dollar-denominated stablecoins to strengthen European autonomy in digital payments.

“This strategy aligns with the evolution of settlement services provided by the ECB,” Di Michele concludes. “With the Pontes project, DLT-based services are being further expanded.”

Original source: article by AziendaBanca

The transition to T+1 settlement represents one of the most significant changes for European financial markets in recent years. It is not merely about shortening the settlement cycle by one day, but about addressing a transformation that directly impacts processes, systems, and operating models across financial intermediaries.

The regulator’s objective is clear: reduce systemic risk, strengthen market resilience, and increase transparency in settlement flows. However, implementing T+1 in Europe presents structural complexities that distinguish it from other international experiences. The presence of multiple markets, CSDs, and differing operating models requires a high level of coordination across the entire operational chain.

In this context, daily dialogue with banks and service providers highlights how compressed timelines make phases that are often handled on a deferred basis — such as pre-matching, data quality, and exception management — increasingly critical. From TAS’s perspective, as a long-standing technology provider in the capital markets space, T+1 cannot be viewed as a mere compliance obligation, but rather as an evolution of the operating model.

Under T+1, settlement fails can no longer be treated as events to be analyzed retrospectively. They become risks that must be actively managed throughout the trading day, requiring up-to-date information and tighter integration between securities, cash, and reporting systems.

In this scenario, increasing process automation and the evolution toward more “intelligent” applications play a central role. The compression of processing timelines makes management models based on manual intervention or ex-post controls progressively unsustainable. Institutions need systems capable of supporting timely operational decisions, prioritizing exceptions, and continuously monitoring process status.

Ongoing dialogue with the market reveals a recurring theme: adapting individual applications is necessary, but not sufficient. Without an end-to-end process view, there is a risk of informational fragmentation, making operational governance more complex precisely when speed becomes a critical factor.

It is from these considerations that the need emerges to strengthen structured moments of discussion among market participants. This is the objective TAS pursues through its dedicated, periodic User Groups — designed as dialogue forums with directly involved intermediaries to jointly analyze topics that significantly impact technological and market developments.

Within a new Capital Markets User Group, the T+1 topic can be addressed alongside other key transformation drivers — from regulatory reporting developments to digital asset initiatives and the coexistence of DLT-based markets with traditional infrastructures — with the goal of sharing experiences, approaches, and common operational perspectives.

In a landscape that continues to evolve, marked by converging regulatory and technological transformations, dialogue among market participants represents one of the key elements for successfully navigating a transition that, more than ever, requires a shared vision.

Article by Roberto Bruschi, Business Development Manager of TAS.

Original Source: Bancaforte