Following FCA re-registration Billon’s procedures and regulations are now PSD II-compliant.
Billon Financial Ltd., the subsidiary of Billon Group - the company that civilized blockchain to build business solutions for real money and smart data – has been re-registered with a small e-money institution (SEMI) license by the Financial Conduct Authority, following the introduction of PSD II regulations.
As of January 2018, payment and e-money institutions are required to comply with PSD II regulation, which outlines new directives on how customer data is stored and shared with third party organisations. Current FCA licences enable institutions to continue operating until July 2018 without submitting additional information that determines PSD II compliance. However, Billon has proactively provided details on its procedures and operations to ensure it can indefinitely continue enabling payments on its Distributed Ledger Technology (DLT) for its business and consumer customers.
“We understand the importance of PSD II regulation in giving customers more control and ownership of their data, and in providing a more seamless customer journey between banks and alternative payment platforms,” said Andrzej Horoszczak, Founder and CEO, Billon. “Unlike many other blockchain companies, it has always been our aim to work with banks in a regulated environment. For this reason, we took proactive steps to ensure that Billon’s customers are governed under PSD II and can transact on our civilised blockchain beyond July 2018.”Billon Financial Ltd. was first registered by the FCA as a small emoney issuer in June 2017 following its participation in, and successful completion of, the FCA Sandbox ‘Project Innovate’. Since then, Billon has aimed to reduce the barriers of entry for blockchain technology, to make its benefits accessible to all and therefore civilise the blockchain. Billon’s Distributed Ledger Engine powers business-ready solutions that completely reimagine the flow of money and data within the regulated global system. Its offerings cover Fintech with innovative Payout, Payments and Remittance solutions; and Regtech with solutions in the areas of Durable Medium and E-Identity.
Billon’s distributed ledger engine powers solutions that reimagine the flow of regulated money and data. Built using a revolutionary new decentralized, light-weight architecture that shifts control to the user, the distributed ledger engine provides the scalability and technical capability to encrypt and process any real currency, deliver instant payments at ultra-low costs and power new business models.
Founded in 2012, Billon is an FCA registered eMoney institution with a global team of more than 100 professionals across its offices in the UK, US and Poland. Last year, Billon was granted EUR 2M funding by Horizon 2020, the EU’s biggest research and innovation programme.
For more information, please visit www.billongroup.com