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.”