LONDON & NEW YORK--(BUSINESS WIRE)--GovCoin Systems Limited has been named as the London-headquartered financial technology company trialling new technology to support government aims in the distribution of benefits.
Speaking at the Payments Innovation Conference 2016 on 4 July, Minister for Welfare Reform at the Department for Work and Pensions Lord Freud highlighted the ongoing trial saying,
“We have been working with GovCoin Systems (and their partners, Barclays, RWE npower and University College London) for this trial.
Claimants are using an app on their phones through which they are receiving and spending their benefit payments. With their consent, their transactions are being recorded on a distributed ledger to support their financial management.”
The key to the proof-of-concept trial, which commenced in June, is to develop a secure and effective technology that users adopt and use to handle payments.
Robert Kay, Chief Executive Officer, GovCoin Systems Limited, said, “GovCoin Systems brought together a team with deep expertise in core financial services infrastructure and global transaction services to build a platform with the potential to improve people’s lives. This proof-of-concept is the first concrete stage in that journey. We believe in a flexible, open and collaborative approach and are already working effectively with Barclays and RWE npower to develop creative answers to the complex problems faced.”
Jeremy Wilson, Vice Chairman, Corporate Banking at Barclays, said, “This initiative focuses on adding an additional layer of richer data and identity onto payments, so that a deeper and more effective relationship can be established between the government and claimants. We are keen to see how the positive potential of this service develops and adds to our wider efforts to explore the uses of distributed ledger technology.”
About GovCoin Systems Ltd
GovCoin Systems is developing a platform to reduce the $1 trillion lost annually due to friction and fraud costs in the distribution of social welfare and aid. By leveraging emergent distributed ledger technologies, machine learning and the ubiquity of mobile devices, GovCoin Systems aims to assist government and non-government organizations in distributing value more accurately, securely and efficiently to beneficiaries. For more information on GovCoin Systems, please go to www.getgcs.com.
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website home.barclays.
About RWE npower
RWE is one of Europe’s five leading electricity and gas companies. Through our expertise in oil, gas and lignite production; electricity generation from gas, coal, nuclear and renewables; energy trading as well as electricity and gas distribution and sales; we are active at all stages of the energy value chain. Around 59,000 employees supply over 16 million electricity customers and nearly eight million gas customers with energy, both reliably and at fair prices. In fiscal 2014, we recorded €48,5 billion in revenue.
Europe is our market: in terms of sales, we are No. 3 in electricity and No. 5 in gas. In Germany, the Netherlands and the United Kingdom, we are among the largest suppliers of both fuels. In the Czech Republic, we are No. 1 in the gas business. We also have leading positions in other markets in Central Eastern Europe.