What is FintruX ?
FintruX aims to make unsecured loans highly secure. Harnessing over two decades of experience serving the securitization sector, we apply cascading levels of credit enhancements to offer unprecedented risk reduction towards unsecured loans. Interest cost reduction is one of the most important motivations in securitization. It is often done via credit enhancement.
We can apply the same principles to reduce the high interest rates normally associated with unsecured loans, making it attractive to both borrowers and lenders. Our goal at FintruX Network is to disrupt the way unsecured loans are being originated and administered. This innovative concept solves three major issues for small businesses, especially startups, to borrow from accredited investors and financial institutions.
By applying credit enhancements, FintruX Network seeks to neutralize the lender’s credit risk and, in the case of a default, provide cascading levels of insurances to cover the loss – thereby increasing the overall credit rating and lowering interest rates simultaneously. The four cascading levels of credit enhancement include over-collateralization as additional collateral, a local third-party guarantor, cross-collateralization as insurance, and FintruX ultimate protection reserve.
A unique smart contract is generated and deployed by FintruX Network for each individual borrowing at real time to provide unambiguous, immutable, and censorship resistant records where no arbitration is required. In addition to simplifying the loan application process via instant matching, FintruX Network also provides borrowers with post-funding self-serve administration options such as refinance and prepayment. FintruX Network is a multi-sided marketplace and ecosystem that delivers value not just to borrowers and lenders, but also to third-party guarantors and specialized service agents. We are making borrowing and lending a no-brainer for both borrowers and investors.
FintruX Network is one of the world’s first blockchain based online marketplace and automated administration platform connecting borrowers, lenders, and specialized servicing agents, enabling them to configure and construct each borrower contract real-time.
Our technology supports this innovative marketplace and administration model to efficiently connect and process the global supply and demand of capital.
Our platform also removes the need for physical infrastructure and brings out convenience and total automation, increasing efficiency, reducing manual processes and improving the overall borrowing and lending experience.
FintruX Partners with Bloom
The FintruX Team is delighted to announce that we have officially partnered with Bloom! Bloom is a promising blockchain project that is rapidly becoming the market leader for providing global identity verification and credit scoring solutions. We’re very proud to have them onboard as one of our service agency partners and we look forward to everything that we will be accomplishing together.
Why is Bloom such a Big Deal?
The concept of lending on blockchain opens up some unique areas of risk that need to managed efficiently and effectively in an ecosystem like FintruX. For one, global lending goes beyond international economic borders, which makes the task of verifying identity or creditworthiness especially challenging. Borrowers could potentially avoid repayment of a loan, simply because the lender might not have all the necessary details of the borrower to enforce the debt in the borrower’s jurisdiction.
That’s where Bloom comes in?—?they solve this problem with solutions like BloomID, BloomIQ and BloomScore. By leveraging these features on their platform, FintruX will bring greater reliability and and improved borrower credit scoring to our ecosystem.
Bloom greatly complements our reward vs penalty model; FintruX contributes to the Bloom platform by updating a borrower’s BloomID with their payback rate. If a borrower defaults or misses payments, their rating will be negatively affected . On the other hand, if they successfully carry out their repayment schedule, they are rewarded with a positive rating.
Bloom and Beyond
We are aiming to implement the Bloom user experience on the FintruX Network as soon as we launch our platform in Q3 2018. For the FintruX Team, our partnership with Bloom reflects our commitment to become the prevailing blockchain ecosystem for global p2p lending. We’re also excited to let you know that we are actively pursuing multiple strategic partnerships that will add further value to our platform. We can’t wait to show you what else we have been working on!
By : Ashadiya_