Source: Babb App
BABB App Ltd is creating a bank based on a “permissioned” blockchain implementation of a distributed ledger using Ethereum Smart Contracts banking platform, being developed by BABB Ltd.
The BABB banking platform will operate 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 the quality of match-making and control risk, and with AI-based customer self-service provides universal banking services for all.
BABB will allow users to leverage their social connectivity and their money in new ways, with more control and greater transparency via a smartphone app. This is why we say: “Everyone is a Bank,” irrespective of their income level. The BABB app connects users to each other (P2P) while facilitating financial transactions over the network and with the wider world.
Every user who downloads the BABB app, and provides a selfie and a voice print, gets a UK based account upon activation. BABB is implementing the future of banking that relies on P2P to decentralise financial transactions and promotes open solutions for banking. This means that Babb App Ltd does not see itself as another “challenger bank” but as cooperating with existing banks and financial institutions to bring innovation to the wider financial system.
BABB App Ltd is currently regulated as an Approved Payment Institution (API) by the FCA. BABB App Ltd. is applying for a full banking licence and are pleased to announce that as the platform development has reached its first milestone, the Company has also applied to enter the FCA Sandbox.
In June 2016 BABB App Ltd raised seed funding and was accepted into the Level39 Accelerator Space at One Canada Square in Canary Wharf at the heart of the fintech revolution.
Guido Branca, CEO of BABB App Ltd commented: “I believe BABB’s plan to bring 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. The Company expects to soft launch the app Q2.”