Financial services and global real-time payments and settlements company Kalypton has profited from a £2m ($2.6m) investment by reaching the pinnacle of the U.S. Federal Reserve’s Faster Payments Taskforce top vendors list. This investment has been received from a variety of private investors – each of whom are as pleased as Kalypton with this news. Kalypton’s crown of top vendor is supported and validated by research that was recently undertaken by American Banker journalist, Kevin Wack. His article, ‘The Fed’s got some big decisions to make on faster payments’ shows a chart, detailing a Faster Payments Scorecard. It clearly shows that Kalypton beat other vendors with its real-time payments technology, Tereon. In response to a question about how the Faster Payments Scorecard was created, Wack said in an email: “I compiled the chart by reviewing information at fasterpaymentstaskforce.org.” He visited the taskforce’s website and analysed the proposals, the Effectiveness Criteria, and Solution Proposals. In all there were 16 proposals, including one from Kalypton.
With reference to Kalypton’s own submission, Wack adds: “The proposal was graded on 36 different criteria. In order to put that chart together, I went through each of those 16 documents and counted how many “effective” and “very effective” grades each of the proposals received.”
Kalypton is a UK-based start-up with global capabilities, and it is led by its CEO Lars Davies. He is a physicist and lawyer by training. He founded Kalypton further to his professional legal, academic and IT experiences which showed that there is a need to enable companies to provide regulatory compliance and evidential weight to support their electronic communications. He was a Senior Visiting Fellow of the Institute for Computer and Communications Law at the Centre of Commercial Law Studies of Queen Mary University of London.
Tereon permits banks to settle and reconcile payments in as close to real time as banks can get, and in a way that has never been achieved before. Government agencies are also able to benefit from this patent-pending electronic payments solution. With it, Kalypton won the Dassault Systèmes 3D Fintech Challenge 2016. So, both Tereon and Kalypton have a promising future.
Davies explains why: “Kalypton is delighted to be recognised by leading organisations like the US Federal Reserve’s Faster Payments Task Force, furthering our POC. Banks and financial institutions now have a platform available they can trust. Blockchain and distributed ledger technologies may have their limitations such as data privacy, security flaws, but our patented technology Tereon provides a solution, while improving security and lower transition costs. This investment will allow us to compete on a global scale.”
With it financial services organisations can, for example, achieve regulatory compliance. This includes compliance to the European Union’s forthcoming General Data Protection Regulation (GDPR), which even U.S firms with customers in the E.U need to prepare for to avoid huge financial penalties.
Tereon also reconciles security and usability at the core of all banking systems across devices. Its other benefits include interoperability, the means to show the causality of an event such as a payment transaction, scalability with minimise latency, privacy, trust and sustainability.’
Alun Thomas, an angel investor in Kalypton, says: “Organisations need to a solution such as Tereon to enable GDPR compliance, banked and unbanked customers welcome secure real-time faster payments and investors want a company that offers the potential for high returns on investment, promising revenue streams and potentially high levels of profitability.
As a former Executive Chairman of Heathrow Express and Managing Director of BAA’s surface access activities, I can appreciate the challenges that GDPR represents. The larger the company, the harder it is to comply with GDPR. The regulations will be challenging for SMEs too – particularly for the smaller companies who don’t often have the skills, knowledge and resources needed to keep up to speed with new regulatory frameworks to achieve compliance.”
NOTES TO EDITORS
ABOUT KALYPTON www.kalypton.com
Kalypton is an award winning, patented technology to enable significant cost reduction, by allowing financial services organisations to dis-intermediate settlement and administration processes to mitigate industry non-compliance fines and increase market share. Kalypton was recognised in August 2017 by The Faster Payments Task Force, a broad and inclusive group of stakeholders formed by the US Federal Reserve. Tereon's design comes from founder and CEO, Lars Davies, who co-wrote papers in 1995 as a legal academic on digital cash and electronic payment systems at the Centre for Commercial Law Studies. He founded Kalypton in to create real world solutions to regulatory and technological challenges such as security, scalability and privacy. Tereon, takes its name from the koine Greek verb for protecting or safeguarding value, a word that is also the root of the word for Treasure. The root of the name Tereon aptly describes the design ethos behind our revolutionary solution.
For more information, please contact:
Trudy Darwin Consulting
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How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.