Having secured £535,000 investment, regtech ALT/AVE plans to further develop its distributed ledger solution docStribute, to expand its core uses beyond financial services.
Using the Hedera Hashgraph network, the docStribute solution allows banks and other regulated institutions to communicate information to customers that falls under FCA regulation. The DLT-based technology meets all regulatory frameworks to keep institutions in line with governance protocol while reducing costs, waste, and emissions for its users.
When implemented the solution will result in a 95% reduction in paper usage, a 24g decrease in CO2 emissions per document compared to postal delivery and will cut costs by up to 70%.
Hedera is a decentralised entreprise-grade public network on which anyone can build secure, fair applications, and is owned by a clutch of world leading organisations: Boeing, Dentons, DLA Piper, EDF, eftpos, FIS [WorldPay], Google, IBM, LG Electronics, Standard Bank Group, and Tata Communications, among others.
Its distributed ledger technology effectively allows for the sharing of information between two parties involved in a transaction and ensures that that information or data is in fact credible and authentic - without the need for a trusted intermediary.
Transactions conducted via the DLT platform are not confirmed until all data fields and conditions are met. This creates a transparent environment and allows for trades to be settled faster and more efficiently.
Chris Ansara, founder and CEO at ALT/AVE comments: “At ALT/AVE, we have all worked in financial services and we saw first-hand how much paper is wasted in banking. How banks communicate with customers is closely regulated - for good reason - however, institutions are so fearful of non-compliance that modern technology is wildly underutilised. Ultimately, this means the sector continues to waste paper, and have a negative impact on our planet.
The £535,000 investment is combined of a £348,000 smart grant awarded by Innovate UK and the £387,000 pre-seed capital raised by a group of investors.
“This funding will aid further development of the existing product and enable us to continue our push into new territories, extending the deployment of the technology, and research in what direction we may take docStribute next. To receive funding from Innovate UK is a welcome and appreciated nod from the UK’s innovation agency that regtech, and ALT/AVE specifically, is well-positioned to tackle head on the challenges faced by the financial sector,” adds Ansara.