Billon as the first company in the world successfully delivered payouts with digital money using regulated currency. The company provided funds to 100 participants in the UK in a market research programme supervised by FCA.
David Putts, Billon MD, Expansion & Partnerships: “Billon eliminates the cost and friction of pre-paid cards, cheques, and cash – now companies can send instant payouts to users who register in seconds. With an audit trail secured by distributed ledger, much of the back-office costs of monitoring and reconciling payouts are eliminated. Billon fulfills the UK Government’s published goals of reducing transaction fees and operating costs for SMEs by incorporating distributed ledger technology.”
Billon fulfills the UK Government’s published goals of reducing transaction fees and operating costs for SMEs by incorporating distributed ledger technology.
David Putts, Billon MD, Expansion & Partnerships
Billon have tested its payout solution within FCA’s “regulatory sandbox”. The sandbox allows fintech businesses to test innovative products in a live environment under the supervision of the British financial regulator. Billon was admitted to the regulatory sandbox in the first cohort of 24 innovative companies in November 2016.
Following the testing Billon aims to scale up activity for UK SMEs and offer the software to banks on a SaaS basis for onsale to merchant accounts as a value-added service. The company’s aim is to eliminate the need for vouchers, pre-paid cards, and other semi-cash payment methods by transferring funds via a mobile phone and auditing transactions over a distributed ledger.
You can read more about testing of the payout system HERE: http://billonfinancial.co.uk/