Billon receives e-money registration from FCA
Written by Chris Lemmon
Following the completion of its FCA sandbox test, Billon Financial now has an unrestricted small e-money registration which operates on distributed ledger solutions.
Billon enables micropayments that were previously unprofitable to be executed instantly without traditional intermediaries. Its 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.
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.
David Putts, director of Billon Financial, 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, added: “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.”