Blockchain-Based Payments Provider Billon Receives UK e-Money Registration

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

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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.

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 Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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."