Billon Financial, the distributed ledger technology (DLT) based payment provider is a FCA registered small e-money firm.
Underlying technology from Billon Group provides solutions for everyday currencies, eliminating the costly mining and 3rd party exchanges associated with cryptocurrenciesInitial use case replaces incentives paid with anonymous pre-paid cards with an instant, fully digital, and secure experience. Billon Financial, a subsidiary of Billon Group, today announces that following the successful completion of its FCA Sandbox test, the FCA has removed the restriction on its registered status as a small e-money firm.
Billon Financial now has an unrestricted small e-money registration and this operates on distributed ledger solutions, provided by Billon Group. Billon’s pioneering technology disrupts the $2.3 trillion alternative payments market (source: Worldpay report), by enabling micropayments that were previously unprofitable to be executed instantly without traditional intermediaries. Billon’s technology allows corporate clients to manage thousands of loyalty incentive payouts themselves, and provides the ability to gather data on recipients during the transaction, a feat impossible with a one-way bank transfer or with a voucher.
Onboarding of beneficiaries is easy, using a simple app. Beneficiaries receive a virtual bank account number at the time of registration, and have the ability to pay to any UK banking account or to withdraw from 60,000 locations accepting vouchers generated by iMovo. Billon’s sandbox trial participants viewed their mobile accounts in the same light as everyday banking. David Putts, Director of Billon Financial, and MD of Expansion and Partnerships at Billon Group said: This is a real milestone for both Billon and the UK’s FinTech sector. We feel that Distributed Ledger Technology can underpin everyday currency solutions and solve the authentication and cost problems faced by corporations using expensive pre-paid cards or cheques as a payment method.
Andrzej Horoszczak, Founder and CEO, adds: Technology is rapidly evolving, and Billon Group is an early leader in recognizing how to innovate distributed ledger technology to solve the performance and regulatory challenges faced by the more narrowly defined versions of open-source blockchain. We understand the challenges of operating within existing regulations, and we believe Billon’s FCA registration will help prove that you can encrypt everyday currencies without the need for an alternative cryptocurrency.
About Billon Group: Billon is the 1st FinTech company to solve the problem of the cumbersome and expensive $2.3 trillion alternative payments market – Billon built a proprietary distributed ledger payments system to eliminate the need for vouchers, pre-paid cards, and other semi-cash payment methods.
Billon has completed a series of pilot payment programmes with Philip Morris International in Poland to replace pre-paid cards and vouchers. Billon’s core business is to create banking solutions (SaaS – software as a service) for banks. Billon’s Polish subsidiary operates in partnership with PlusBank on a SaaS basis. Billon’s systems enable banks to reduce account-related costs by 90% and to innovate value-added corporate and emerchant services. Available in government currency only.