Debit Escrows and Smart Contracts in FinTech

This project established a team of software specialists to deliver a set of research and innovation objectives in South-East Cornwall. Between 2016 and 2018 the grant created 13 new highly skilled and sustainable jobs. By the end of 2019 Duesday grew to 18 staff.

The project’s research focused on discovering new ways to securely store data about the buying context a consumer has with a merchant. It investigated a new way to store this data with the payment itself in a so-called payment ledger.

Another research and innovation focus for this project was the way recurring payments like household bills, gym memberships, rents and mortgages could be improved. Research and develop was undertaken to automate personal finance predictions models which could then be used to predict consumer spending behaviour and support them to avoid falling into vulnerable debt or incurring unnecessary fees.

Collaborating organisations were engaged in workshops to deliberate the research outcomes and to analyse how their business processes could be improved. Following project completion, the research outcomes flowed into the formation of an authorised payment institution with its HQ still based in Liskeard, but serving the UK nationally and exporting its technology to Europe and Latin America.