Lengthy-time Polish-UK trans-European undertaking Billon has just lately been chosen by Raiffeisen Financial institution Worldwide (RBI) to showcase their expertise within the financial institution’s Elevator Lab Partnership Program. The awarded concept, introduced through the last qualification spherical on 17 October 2019 in Vienna, is a distributed ledger expertise (DLT) primarily based digital money platform enabling transactions with tokenised euro saved on the blockchain.
“Participation within 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 Jap Europe, one thing that Billon aspired to because the firm was created. Seeing RBI’s eagerness to implement revolutionary applied sciences, I’m assured this collaboration could have a really robust and optimistic impact on our enterprise,” says Wojtek Kostrzewa, CEO of Billon Group.
Billon plans to display 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 make use of the platform for interbank or intercompany transfers of funds and settlement with digitised euro. Later, the scope of labor will be expanded with mass payouts of funds from corporates to people, service provider accounts for e-commerce and e-money accounts for particular person prospects.
“We’ve chosen Billon as an Elevator Lab participant as a result of Raiffeisen Financial institution Worldwide is concerned with purposes of the distributed ledger expertise. Over the subsequent months, we might be testing Billon’s resolution and evaluating the potential added worth for our prospects,” says Maximilian Schausberger, head of fintech partnerships at Raiffeisen Financial institution Worldwide.
The Elevator Lab program seeks partnerships with the very best fintech startups working in central and japanese Europe and providing, amongst others, fintech and AI options. This yr, over 280 corporations registered for the third version of this system. Along with Billon, 5 corporations 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 programs)
- Quantoz from the Netherlands (blockchain funds for IoT units)
- Nayax from Israel (cashless funds)
Within the subsequent few months, corporations taking part within the partnership program should create a proof of idea, exhibiting that their expertise can work with RBI’s programs 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 doable cooperation.
“Within the following months, we are going to participate in month-to-month acceleration workshops in Vienna. This may 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 identification 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 within the UK and Poland and employs a world group 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 ability to encrypt paperwork and knowledge on-chain, unleashing the transformational capacities of DLT within the regulated world. Billon’s high-performance DLT system is designed to ship tangible enterprise ends in the areas of Account & Transactions, Trusted Paperwork, and Id & Information Sharing.
Billon actively works to implement its expertise commercially with main enterprise companions, equivalent to FIS within the US and BIK (the Polish credit score workplace) in Poland. In 2018, the corporate received the International FinTech Hackcelerator competitors on the Singapore FinTech Pageant, showcasing an answer to zero-cost blockchain micropayments. Billon is at the moment collaborating within the Elevator Lab accelerator by Raiffeisen Financial institution Worldwide, 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 within the areas of Superior Analytics & Synthetic Intelligence, RegTech, Giant Corporates & Institutional Purchasers, Funds and Transaction Processing for Mobility Providers, Retail Banking, SME Banking, Cyber Safety and FX Options. The most important program of its sort in CEE goals at long-term cooperation with these fintechs. For extra info, go to elevator-lab.com.
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