Billon Financial, a subsidiary of Billon Group, today announced that following the successful completion of its UK Financial Conduct Authority (FCA) sandbox test, the regulator has removed the restriction on its registered status. It now has an unrestricted small e-money registration and this operates on blockchain technology.
Billon’s technology allows corporate clients such as tobacco giant Philip Morris to manage loyalty incentive payouts themselves, and provides the ability to gather data on recipients during the transaction.
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Onboarding of beneficiaries is done using an 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.
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.”