Billon completes live blockchain payouts in the UK
Billon completed a trial of a corporate payout system with consumer research firm Conduct Research. For the test run, Conduct Research used Billon’s distributed ledger technology to transfer funds via mobile phone to 100 participants, who can pay bills, transfer to their own bank account, or withdraw cash at over 40,000 Paypoint locations.
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.”
Melo Wallace-Potter of Conduct Research: “As a small firm, we can’t afford the back-office costs of pre-paid cards, and certainly, no one wants to give us their bank account details. Our participants were happy to simply download a free app and get paid instantly. Users maintain their own details and passwords, but we get an electronic audit trail of who is paid.”
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