[vc_row][vc_column][vc_column_text]Billion Group, the firm which styles itself as the world’s first regulated eMoney distributed ledger provider, has completed a series of payouts on the blockchain.

Payments were made to participants in a market research programme from Conduct Research. Recipients were then able to pay bills, transfer the money to their own bank account or withdraw it at a physical location.

The service is “the first of its kind” to be performed in the UK using distributed ledger technology and is already live in Poland. Billion is one of the first participants in the Financial Conduct Authority’s regulatory sandbox programme. The firm believes it can cut banks’ operating costs by as much as 90%.

“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,” says Managing Director of Expansion and Partnerships at Billion, David Putts.

“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.”[/vc_column_text][/vc_column][/vc_row]

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com