Polish Banks to Go Paperless Using Billon’s Distributed Ledger Technology

Polish Banks to Go Paperless Using Billon’s Distributed Ledger Technology

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23. April 2020. by adminBTC
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Retail banks in Poland started offering clients with notifications of commissions and costs modifications on the blockchain through a brand new doc administration product supplied by the Polish Credit score Bureau (BIK, or Biuro Informacji Kredytowej in Polish). BIK is utilizing the Blockchain Platform powered by distributed ledger know-how (DLT), supplied by the British-Polish fintech
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Retail banks in Poland started offering clients with notifications of commissions and costs modifications on the blockchain through a brand new doc administration product supplied by the Polish Credit score Bureau (BIK, or Biuro Informacji Kredytowej in Polish). BIK is utilizing the Blockchain Platform powered by distributed ledger know-how (DLT), supplied by the British-Polish fintech Billon Group.

“This launch marks step one of commercialisation of the BIK Blockchain Platform. This model eliminates the necessity for paper notifications. Additional variations will deal with streamlining advanced multi-party processes and broaden to different market sectors in Poland,” stated BIK CEO Mariusz Cholewa.

“Managing paperwork on DLT is a a lot safer and cheaper resolution than utilizing paper,” stated Wojtek Kostrzewa, CEO of Billon Group. “It’s gratifying to see banks as progressive establishments profiting from the regulatory compliant ‘civilised blockchain’ options Billon developed particularly for regulated industries like these.” 

Billon Expertise relies on a brand new sort of structure storing full paperwork solely within the blockchain. The goal is to eradicate paper-based client-facing notifications in addition to to totally adjust to MiFID II, GDPR and associated laws requiring a sturdy medium for such notifications.

The information comes amidst the rising concern that conventional documentation and supply strategies – together with e-mail, inner banking communications and paper supply – fall wanting right this moment’s elevated want for safety and authentication. Underneath the brand new strategy, banks’ encrypted notification and authorized agreements with shoppers will probably be saved on a distributed ledger, accessible through a portal managed by the credit score bureau, in order that clients can depend on having genuine and immutable documentation that the financial institution can’t change and which is on the market even when they’re now not shoppers of the financial institution.

  • The BIK Blockchain Platform assigns a novel handle to each doc and distributes the information to many community nodes in a manner that gives extraordinarily excessive database resilience and particular person doc tamper resistance. 
  • The platform uniquely shops entire paperwork throughout the distributed ledger, together with logic and signature. This eliminates the necessity to keep costly and weak extra server storage, which is widespread for different types of blockchain. 
  • The BIK platform will be deployed in sectors exterior the banking trade, together with storing authorized agreements, insurance coverage claims or different high-value paperwork.

BIK started growth utilizing Billon’s DLT system in Could 2018 and field-tested the system in a pilot with a bunch of 5 banks. BIK maintains information for over 25 million Poles and dozens of Polish banks.

 

Be taught extra about Billon’s Trusted Doc Administration resolution right here.

BIK (Biuro Informacji Kredytowej S.A.) collects and supplies information on the credit score historical past of financial institution shoppers, credit score unions, and so forth. from the whole credit score market in Poland. BIK has the most important information assortment on particular person shoppers and entrepreneurs, together with data on 147 million accounts belonging to 25 million people and a credit score historical past of a complete of 1.four million corporations, farmers and different entities, together with 845 thousand micro-entrepreneurs. Particular person shoppers can monitor their credit score historical past by means of the web portal www.bik.pl. BIK Alerts service fulfills a social position and protects people in opposition to credit score extortions or delays in reimbursement.  

Billon unleashed the potential of blockchain by creating environment friendly and scalable distributed ledger know-how (DLT) for enterprise. Billon has developed the preliminary assumptions of blockchain know-how, constructing a protocol that’s extraordinarily quick, totally safe and prepared for use in accordance with current laws. We used it originally to avoid wasting nationwide currencies and micropayments, however we expanded our imaginative and prescient to avoid wasting paperwork and information and id administration in a blockchain construction. Because of this, Billon has a novel alternative to offer measurable enterprise advantages to banks, corporations and unusual customers in a regulated surroundings.

Billon was based in Nice Britain in December 2015 on the idea of an earlier analysis venture created in Poland. Its growth has been supported by quite a few R&D grants, together with these from the EU Horizon 2020 framework program. At this time, its workplaces in London and Warsaw make use of a world workforce of over 80 individuals. The corporate has a license of an digital cash writer in Nice Britain and Poland. 

Billon works to implement its know-how commercially with main enterprise companions, reminiscent of FIS within the US and BIK (the Polish credit score workplace) in Poland. In November 2018, the corporate received the World FinTech Hackcelerator on the Singapore FinTech Competition, showcasing an answer to zero-cost blockchain micropayments. On October 17, 2019 Billon received the Elevator Lab accelerator, qualifying to the partnership programme by Raiffeisen Financial institution Worldwide to work on e-money transactions with digitised euro on DLT.

For extra data, go to www.billongroup.com.



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