Billon Completes Live Distributed Ledger Pay Outs in the UK

The world’s first regulated eMoney distributed ledger solutions provider, Billon Group, today announces the successful completion of the first end-to-end client pay out for participants in a market research programme.  Conduct Research uses Billon to transfer funds to 100 participants, who can pay bills, transfer to their own bank account, or withdraw funds at their convenience at over 40,000 Paypoint locations.

This service is the first of its kind to be carried out in the UK using distributed ledger technology, it aims to ensure micro-payments that were previously slow and unprofitable to process can be executed quickly and profitably free from traditional intermediaries. Billon aims to scale up activity for UK SMEs now the concept of fund collection for online payments has been proven as commercially viable, secure and cost effective.

David Putts, Chairman and MD, Expansion & Partnerships said:  Billon eliminates the cost and friction of pre-paid cards, cheques, and cash – now companies can send instant pay outs to users who register in seconds.  With an audit trail secured by distributed ledger, much of the back-office costs of monitoring and reconciling pay outs are eliminated.   Billon fulfils the government’s published goals of reducing transaction fees and operating costs for SMEs by incorporating Distributed Ledger Technology.

Melo Wallace-Potter said:  As a small firm, we can’t afford the back office costs of pre-paid cards, and certainly, no one wants to give us their bank account details.   Our participants were happy to simply download a free app and get paid instantly.  Users maintain their own details and passwords, but we get an electronic audit trail of who is paid.

This service is the first commercial pay out system of its kind in the UK using distributed ledger technology. As one of the first participants to be admitted to the FCA’s Sandbox programme, Billon provides a regulated and secure platform for the transfer and holding of funds using a phone based app.