The Company is building a banking platform based on a “permissioned” Ethereum blockchain implementation of a distributed ledger using smart contracts technology. The platform is based on a decentralised information model to minimise costs while maximising data fidelity and security. Using biometrics to facilitate client on- boarding and transaction authentication, with big data analytics to optimise match-making and control risk and with AI-based customer self-service intended to provide banking services for all.
BABB is today announcing that it has entered into an agreement with Contis Group Ltd to use their white-label licence and Contis’ banking services infrastructure to provide UK bank accounts, transfer and card payment services. The first stage of this relationship will cover integrating BABB’s core blockchain banking platform with Contis’ banking services and payments infrastructure. BABB has applied to join the second cohort of the FCA Sandbox and if accepted, plans to use the sandbox to test the BABB-Contis integrated solution. Furthermore, this collaboration will ensure that future licensees of the BABB banking platform can immediately offer UK bank accounts under Contis’ white-label banking licence.
BABB is building tomorrow’s banking platform to help banks and their clients to leverage social connectivity and money in new ways while offering better security and privacy, with more control and greater transparency. This is why we say: “Everyone is a Bank” irrespective of their income level. Every user downloads the app, provides a selfie and a voice print, and gets a UK based account upon activation. BABB is developing the future of banking, it uses P2P to decentralise some financial transactions while providing other banking services at a low cost, making making micro-transactions economical.
Guido Branca, CEO, commented: “We are very excited to have Contis Group join our effort in building the banking platform of the future. I believe BABB’s plan to build a platform to offer banking services to everyone, through the blockchain and the latest mobile technology, will both provide new features not seen in the high street banks and include many who have been excluded from the traditional financial system.”
Peter J Cox, Exec Chairman, Contis Group Ltd commented: “Contis is one of the true Fintech stars, with numerous awards to its name and a proven track record of delivering disruptive technology in the payments space. We are very excited to join forces with BABB to launch this revolutionary app that will bring financial inclusion to the masses. We see BABB’s vision to create a banking platform that can open a bank account with just a selfie and voice as very powerful innovation.”
BABB Lab is building the first digital banking platform based on a blockchain, with an app and a social network. The BABB banking platform allows banks and their clients to leverage their social connectivity and enable better matchmaking for service delivery and provision. The BABB banking platform will connect users to each other (P2P), while facilitating financial transactions over the network and across the wider world.
Contis is a pan-European E-Money institution, regulated by the FCA, and Issuer of Visa Europe and Visa certified processor. Contis provides alternative banking and Visa card payment solutions to major brands across the EEA. It provides the licences for its clients to operate, handles all their regulatory and compliance needs and allows them to concentrate on customer acquisition and business development. All client funds are held and managed by the company under strict safeguarding arrangements with partner banks in various geographical locations.