ZTLment, a fintech company enabling cross-border trade between SMEs via programmable money, announces that it joins the regulatory sandbox of the Danish Financial Supervisory Authority (Danish FSA) as the first company in 2021.
A new way of doing settlements
Towards summer a test program will provide regulatory clarity on the company’s smart contract settlement solution.
”The use of blockchain and smart contracts have the potential to change the way in which payments are settled, by providing a more flexible and automatic alternative to existing solutions. The Danish FSA is committed to exploring the potential and assuring that it is fulfilled in a way that ensures that it can be applied safe and effectively by Danish consumers and companies. ZTLments participation in FT Lab provides a suitable case in which it can be examined in practice how blockchain and smart contracts can be used for this.”, said Director at the Danish FSAs division for Fintech, Payment Services and Governance, Tobias Thygesen in an official press release.
Co-founder and CEO of ZTLment, Mads Stolberg-Larsen, looks forward to start.
”We are building a solution that can save SMEs a lot of time and money. However, it doesn’t fit squarely into existing regulatory checkboxes. By joining the Danish FSAs regulatory sandbox we can figure out which boxes to check in a dialogue based process. Furthermore, we can collaboratively pinpoint risks and rewards of using programmable money in B2B payments.”, said Stolberg-Larsen.
Eliminate administration overheads
According to the Bank of International Settlements six out of ten cross-border B2B payments require some kind of manual intervention, each taking at least 15 to 20 minutes. ZTLment is cutting this proces time down to zero.
”Cross-border payments systems have been neglected for too long. Productivity losses are measured in trillions of dollars globally and administrativ...