Polish e-money distributed ledger solutions provider Billon Group has announced its successful completion of the trial of corporate payout system, along with consumer research company Conduct Research, Finextra reported.

In order to conduct the test run, Conduct Research firm used Billon to transfer funds to 100 participants, who can pay bills, transfer their own bank account or withdraw funds at their convenience at more than 40,000 Paypoint locations. The funds were transferred through mobile phones.

“As a small firm, we can’t afford the back office costs of pre-paid cards, and certainly, no one wants to give us their bank account details. Our participants were happy to simply download a free app and get paid instantly. Users maintain their own details and passwords, but we get an electronic audit trail of who is paid,” Melo Wallace-Potter of Conduct Research, stated in the release.

Billon recently transferred its headquarters to London and is one of the first participants in the Financial Conduct Authority's regulatory sandbox program. The company associates every blockchain address with an International Bank Account Number (IBAN). Its main aim is to eliminate the need for vouchers, pre-paid cards, and other semi-cash payment methods by transferring funds via a mobile phone as well as auditing those transactions over a distributed ledger.

The service is the first of its king to be carried out in the UK using blockchain technology. The concept of und collection for online payments has been proven as commercially viable, secure and cost effective, IBTimes stated.

"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,” David Putts, Billon chairman, and MD, said. “With an audit trail secured by distributed ledger, much of the back-office costs of monitoring and reconciling pay outs are eliminated. Billon’s systems enable banks to reduce operating costs by 90% and offer value-added corporate and merchant services.”