Annerton advises DZ Bank on the implementation of its DLT-based “Pay per Use” business
Frankfurt am Main, 14 June 2022 – DZ Bank is launching a new blockchain-based billing model and is thus one of the first major German banks to implement the Industry 4.0 trend “Pay per Use” in a forward-looking banking business model. Annerton supported DZ Bank with legal and blockchain related advice.
As the central institution of the Genossenschaftlichen FinanzGruppe Volksbanken Raiffeisenbanken & Zentralbank, DZ Bank is responsible for all of the approximately 800 cooperative banks in Germany, making it the second largest national bank. For several years, DZ Bank has been exploring the possibilities of the DLT (Distributed Ledger Technology) and is now one of the first major German banks to enable a “Pay per Use” model to settle usage data from a blockchain on real accounts.
Together with the start-up PayperChain, a blockchain-based B2B platform, the institute worked on the new business model, which enables a secure and automated billing process for companies after collecting all consumption data via the Internet of Things (IoT). R+V Versicherung is already using the model to create flexible insurance models using the data from the IoT.
Annerton has been advising DZ Bank for several years and supported the top institution in this project with regulatory and DLT legal advice. Annerton lawyers and partners Alireza Siadat M.J.I. and Dr Matthäus Schindele as well as Dr Anna L. Izzo-Wagner, LL.M., Eur., Dr Susanne Grohé, Christian Walz, Ramona Patricia Liegl and Till-Christopher Otto were part of the Annerton team during this project.
Annerton is an independent law firm specialising in regulatory law in the financial industry. Since 2020, Annerton Rechtsanwaltsgesellschaft mbH in Germany and Annerton S.A. in Luxembourg have been advising established international institutions and corporations as well as innovative start-ups from the banking, financial services and digital economy sectors. Annerton has its offices in Berlin, Frankfurt am Main, Munich and Luxembourg with more than 20 lawyers, two tax advisors and other team members. Information: www.annerton.com.
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