ALT/AVE has successfully secured a £535,000 investment aimed at enhancing its distributed ledger solution, docStribute, with plans to extend its applications beyond just financial services.
Utilizing the Hedera Hashgraph network, docStribute facilitates secure communication of information between banks and regulated institutions and their customers, all while adhering to FCA regulations. This DLT-based technology not only complies with regulatory standards but also helps institutions streamline operations by lowering costs, minimizing waste, and reducing emissions.
The implementation of this solution is projected to achieve an impressive 95% reduction in paper usage and an estimated 24-gram decrease in CO2 emissions per document compared to traditional postal methods, potentially cutting costs by up to 70%.
Hedera is a decentralized, enterprise-grade public network that empowers developers to create secure and equitable applications. It is supported by a consortium of leading organizations, including Boeing, Dentons, DLA Piper, EDF, eftpos, FIS (WorldPay), Google, IBM, LG Electronics, Standard Bank Group, and Tata Communications.
The platform’s distributed ledger technology facilitates credible and authentic data sharing between transaction parties, eliminating the need for a trusted intermediary. Transactions are only confirmed once all necessary conditions are met, fostering transparency and enabling more efficient trade settlements.
Chris Ansara, founder and CEO of ALT/AVE, stated, “Having extensive experience in financial services, our team has witnessed firsthand the substantial waste of paper in banking. While regulatory compliance in customer communication is crucial, institutions often hesitate to adopt modern technology for fear of non-compliance. This results in unnecessary paper consumption and a harmful environmental impact.”
The investment comprises a £348,000 smart grant from Innovate UK along with £387,000 in pre-seed funding from a group of investors.
“This funding will support the ongoing development of our product and enable us to explore new markets while advancing research into future directions for docStribute. Receiving support from Innovate UK endorses the potential of regtech and positions ALT/AVE to effectively address the challenges within the financial sector,” Ansara added.