ERGO Hestia in cooperation with the Billon company are implementing a pilot solution based on blockchain, which allows the immediate transfer of money to customers without knowing their bank account number. The service will be available to, among others, customers who are due a refund of the premium, for example, for unused insurance period after the sale of the car. The solution enables a quick transfer of money to a client whose account number is not held by ERGO Hestia. Thanks to the introduced service, which uses electronic money, a phone number is enough to do it. "By using blockchain technology, customers will save a lot of time. The solution is intuitive, the whole process on the client's side takes a minute and allows the client to decide where the returned funds will go." - says Oskar Jedynasty, Director of the Automation Department in ERGO Hestia's IT Department. The blockchain solution is based on the service provided by Billon Solutions, the first entity in Poland to obtain an e-money institution license issued by the Polish Financial Supervision Authority. The digital zlotys are stored in the distributed ledger technology (DLT) developed by Billon, which, unlike other blockchain systems, enables transactions with real currencies issued by central banks. "I am delighted that ERGO Hestia is joining companies using electronic money based on Billon's distributed ledger. Our solutions help companies that need to transfer money to a recipient - a client or partner - without knowing their details. The company can send the money securely and in accordance with legal requirements, and the customer is satisfied that they received their money back right away." - says Jacek Figuła, Billon's head of sales. About ERGO Hestia: ERGO Hestia Group is a pioneer of the most innovative solutions in the insurance sector. For nearly 30 years, it has remained a reliable and dependable partner offering the highest quality products and services. Every year, it provides protection to over 3 million individual customers and several hundred thousand companies and enterprises. The ERGO Hestia Group consists of two insurance companies: STU ERGO Hestia SA and STU na Życie ERGO Hestia SA. The Group companies offer insurance for individual customers in the area of property and life insurance, as well as for industry and small and medium-sized businesses. Our insurances are offered under 4 brands: ERGO Hestia, MTU, mtu24.pl and You Can Drive. Sopockie Towarzystwo Ubezpieczeń ERGO Hestia was established in 1991. Thanks to its dynamic growth it has achieved the position of the largest insurance company among those created in the free market economy in Poland. The main shareholder of the ERGO Hestia Group companies is the international insurance concern ERGO Versicherungsgruppe AG, owned by the largest reinsurer, Munich Re. The President of the ERGO Hestia Group since its inception is Piotr Maria Śliwicki. About Billon: Billon has unlocked the potential of blockchain by creating a new, efficient and scalable distributed ledger technology (DLT) for business. We combined national currency transactions, document recording, and identity management in a single system. We have solved the obstacles preventing mass deployments of other blockchain protocols, and our technology already supports software solutions for banks, incentive and loyalty programs, micropayments, and RODO-compliant document and identity management. In doing so, we give businesses the necessary tools to digitally transform, take advantage of digital trends and make money transfers instant and intuitive, especially during the COVID-19 pandemic and its impact on the economy. Billon was founded in the UK in 2015 based on an earlier research project from Poland. Its growth has been supported by numerous R&D grants, including from the EU's Horizon 2020 framework programme Today it employs an international team of over 80 people in its offices in London and Warsaw. The company is licensed as an electronic money issuer by the FCA in the UK and by the Polish Financial Supervision Authority (KNF) in Poland. In the implementation of its technology Billon works with leading business partners in the market, such as Credit Information Bureau in Poland, Raiffeisen Bank International in Austria or FIS in the United States. For more information, visit www.billongroup.com. Tags Billon Blockchain blockchain insurance distributed ledger dlt ergo hestia finance
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