Lengthy-time Polish-UK trans-European venture Billon has not too long ago been chosen by Raiffeisen Bank International (RBI) to showcase their expertise in the financial institution’s Elevator Lab Partnership Program. The awarded concept, introduced throughout the last qualification spherical on 17 October 2019 in Vienna, is a distributed ledger expertise (DLT) based mostly digital money platform enabling transactions with tokenised euro saved on the blockchain.
“Participation in the Elevator Lab program is an opportunity to forge a partnership with a big worldwide monetary establishment and a number one financial institution in Central and Japanese Europe, one thing that Billon aspired to for the reason that firm was created. Seeing RBI’s eagerness to implement revolutionary applied sciences, I’m assured this collaboration could have a really sturdy and constructive impact on our enterprise,” says Wojtek Kostrzewa, CEO of Billon Group.
Billon plans to show its confirmed expertise, showcasing the potential to mint, switch and redeem regulated foreign money on a distributed ledger. The Polish-British fintech will work with RBI to use the platform for interbank or intercompany transfers of funds and settlement with digitised euro. Later, the scope of labor may be expanded with mass payouts of funds from corporates to people, service provider accounts for e-commerce and e-money accounts for particular person clients.
“We’ve chosen Billon as an Elevator Lab participant as a result of Raiffeisen Bank International is in functions of the distributed ledger expertise. Over the subsequent months, we will probably be testing Billon’s resolution and evaluating the potential added worth for our clients,” says Maximilian Schausberger, head of fintech partnerships at Raiffeisen Bank International.
The Elevator Lab program seeks partnerships with one of the best fintech startups working in central and jap Europe and providing, amongst others, fintech and AI options. This yr, over 280 firms registered for the third version of this system. As well as to Billon, 5 firms lastly certified to the acceleration part:
- Uhura Options from Montenegro (utilizing AI to confirm and draft contracts)
- imVision from Israel (an API safety platform)
- Minna from Sweden (subscription administration for on-line banking techniques)
- Quantoz from the Netherlands (blockchain funds for IoT gadgets)
- Nayax from Israel (cashless funds)
Within the subsequent few months, firms taking part in the partnership program should create a proof of idea, exhibiting that their expertise can work with RBI’s techniques and processes and generate added worth for the financial institution. Billon and different finalists will current their PoC in Vienna on Demo Day, scheduled to happen on March 5, 2020. On this foundation, RBI will consider attainable cooperation.
“Within the following months, we are going to participate in month-to-month acceleration workshops in Vienna. It will assist us adapt our concept to the financial institution’s inside construction and regulatory necessities in Austria,” added Wojtek Kostrzewa.
Billon was initially established in Poland in 2012, and declare to have created the primary enterprise DLT system, unifying nationwide foreign money transactions, doc administration, and id administration right into a single architectural system. Following a number of years of R&D in Poland, Billon UK was integrated in 2016.
Its distinctive DLT protocol has been supported by many R&D grants, together with the EU Horizon 2020 program. Billon is licensed to concern digital cash by regulators in the UK and Poland and employs a worldwide workforce of greater than 80 professionals in its two places of work in London and Warsaw.
The extremely revolutionary firm first solved the problem of transacting micropayments at scale, and now additionally declare to have the opportunity to encrypt paperwork and knowledge on-chain, unleashing the transformational capacities of DLT in the regulated world. Billon’s high-performance DLT system is designed to ship tangible enterprise outcomes in the areas of Account & Transactions, Trusted Paperwork, and Identification & Information Sharing.
Billon actively works to implement its expertise commercially with main enterprise companions, reminiscent of FIS in the US and BIK (the Polish credit score workplace) in Poland. In 2018, the corporate gained the International FinTech Hackcelerator competitors on the Singapore FinTech Competition, showcasing an answer to zero-cost blockchain micropayments. Billon is at the moment collaborating in the Elevator Lab accelerator by Raiffeisen Bank International, engaged on e-money transactions with digitised euro on DLT.
For extra info, go to www.billongroup.com.
Based in 2017, the fintech partnership program of RBI focuses on revolutionary concepts and options in the areas of Superior Analytics & Synthetic Intelligence, RegTech, Massive Corporates & Institutional Purchasers, Funds and Transaction Processing for Mobility Providers, Retail Banking, SME Banking, Cyber Safety and FX Options. The biggest program of its type in CEE goals at long-term cooperation with these fintechs. For extra info, go to elevator-lab.com.
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