Softgate Pay Systems (PSS), a company that develops payment systems for financial institutions, says that it has been awarded a $9 million funding round to develop payment systems that will be deployed by banks in the U.K. to replace the payment systems being used by banks to pay for their customers. 

The new system, called Paragon, will replace payments that banks are required to provide in the form of cash or cheques by using a blockchain-based network that will allow banks to secure payments without the need for third parties. 

Paragon’s co-founder and CEO, Chris Wooding, said in a blog post that he is looking forward to bringing Paragon’s payment system to the banks in England and Wales, where he said he expects a rapid growth in the use of blockchain technology to improve payment and remittance services in the future. 

“Paragon will enable banks to securely and securely secure payments in an efficient and cost-effective way.

It will allow us to provide a more secure and efficient payment experience for customers.

We believe it will be a game changer for the payment industry, and will be the start of a new era in payment processing and the digital economy.” 

The Paragon system, which is being developed with financial institutions such as Barclays and HSBC, will be available by the end of 2018. 

Wooding said that the funding round will allow Paragon to begin testing and evaluating its system. 

In addition to the funding, Paragon said it has also received a $2 million grant from the Digital Currency Council (DC), a non-profit dedicated to supporting the development of the bitcoin and blockchain technology. 

More details on the Paragon payment system can be found in this Paraguay News article