Lloyds Bank has completed the UK’s first transaction with a digital promissory note.
In Brief:
Promissory notes are a traditional way of enabling transactions without the use of cash.
They offer a promise to be paid based on the purchaser’s creditworthiness.
Until now, they had to be a physical entity.
What does this mean?
Lloyds has developed a digital solution which will work within existing law, enabling the purchase to be made without a physical note. It's hoped this will speed up the transaction and help the business be paid quicker.
