Bitt is a Financial Technology company that utilises distributed
ledger technology to improve speed, efficiency and significantly
reduce the costs of the payment system. Barbados and the Caribbean
region have been plagued by persistent low economic growth, a
savings crisis and the challenge of "derisking", where
international banks have in some cases ceased operations with local
banks to reduce their perceived risk profiles.
Currently, the pace of the payment system acts as a bottleneck
for economic activity. It harkens back to a time when paper
contracts were shipped back and forth between counterparties for
physical signature in order to finalise a contract. Much like how
email sped up the pace of doing business, a jump to real-time
payments can also accelerate economic activity. By reducing time of
payroll, accounts receivables and other financial interactions,
Bitt can speed up the money conversion cycle of a business or
government department.
