Raiffeisen Bank and Billon successfully tested an Digitized National Currency
According to an official report on Billon’s website, we are witnessing a new collaboration between Billon and Raiffeisen Bank aimed at developing the RBI Tokenization platform to improve money transfers.
The tokenization platform pilot project will be available to selected RBI corporate and institutional clients. Project will use a new form of tokenization in national currency, thanks to Billon’s general ledger distribution technologies. As part of the Elevator Lab acceleration program, the first successful testing of an end-to-end digitized national currency transfers PoC has already taken place.
Billon added on his website:
“The pilot aims to demonstrate how companies can improve their liquidity management, speed and availability of cross country funds transfers and facilitate new business processes.”
Wojtek Kostrzewa, CEO of Billon Group, said: “Raiffeisen Bank International, as a large international finance institution and a leading bank in CEE, is a partner that Billon aspired to work with since the company was created. Seeing RBI’s eagerness to implement innovative technologies and engagement in the Elevator Lab program, I am confident the collaboration to implement the tokenization platform will have a very strong and positive effect on both companies.”
How much the project uses Billon’s digitized distributed cash system, and national currency tokenization, it can be included as part of part of a global trend for both commercial and central banks looking for new blockchain architectures in line with payment and data regulations.
Billon adds that if will be project successful, it can be applied and deployed in the countries of Central and Eastern Europe, where RBI operates.
Stefan Andjelic, Blockchain Hub Lead at Raiffeisen Bank International, said: “Billon is a great example of a fintech that understands how to adapt blockchain to serve the needs of banks and their clients. Specifically during the COVID-19 situation, banks need to partner with fintechs to innovate faster and help clients with payments processing and liquidity needs.”
The tokenization platform, originally called RBI COIN, was developed by Billon as part of the Elevator Lab program which ended on March 5. The system allows banks to choose a transfer method that guarantees better speed, greater security of payment status, and reduced exception handling.
This system is also based on full transparency and an audit trail, so transactions can be supplemented with all the necessary documents like invoices and confirmation of sources of funding.