Billon, an enterprise DLT company unifying national currency transactions, document management, and identity management into a single system, announced today its tokenized euro idea was selected to participate in the Elevator Lab Partnership Program organized by Raiffeisen Bank International (RBI).

Elevator Lab Program

During the program, Billon will showcase the capability to mint, transfer and redeem regulated currency on a distributed ledger. Use-cases will be primarily for interbank and intercompany transfers. In the future, work will begin on integrating mass payment functionality.

“Participation in the Elevator Lab program is a chance to forge a partnership with a large international financial institution and a leading bank in Central and Eastern Europe. Seeing RBI’s eagerness to implement innovative technologies, I am confident this collaboration will have a very strong and positive effect on our business.”

– Wojtek Kostrzewa, CEO of Billon Group

The Elevator Lab program seeks partnerships with the best fintech startups operating in central and eastern Europe. It is particularly interested in those developing blockchain and AI solutions. This year, over 280 companies registered for the third edition of the program.

In addition to Billon, five other companies qualified to the acceleration phase: Uhura Solutions from Montenegro (using AI to verify and draft contracts), imVision from Israel (an API security platform), Minna from Sweden (subscription management for online banking systems), Quantoz from the Netherlands (blockchain payments for IoT devices), and Nayax from Israel (cashless payments).

“Over the next months, we will be testing Billon’s solution and evaluating the potential added value for our customers.”

– Maximilian Schausberger, head of fintech partnerships at Raiffeisen Bank International

Road Ahead

Over the next few months, companies participating in the partnership program must create a proof of concept (PoC) that can work with RBI’s systems and generate added value for the bank. Billon and other finalists will present their PoC in Vienna on March 5, 2020, during Demo Day. On this basis, RBI will evaluate further cooperation potential.

“In the following months, we will take part in monthly acceleration workshops in Vienna. This will help us adapt our idea to the bank’s internal structure and regulatory requirements in Austria,” adds Wojtek Kostrzewa.