Auto Loan Closings



Book Demo

Use Case

Auto Loans

Scenario: A leading auto lending company seeks to streamline and enhance its customer verification processes to minimize the risk of identity fraud and ensure the authenticity of borrower profiles.

Loan Application Initiation

The borrower applies for an auto loan online or in-person at a dealership or lender’s office.

Identity Verification

The lender invites the borrower to create a digital identity through VUMP. The borrower uses VUMP to verify their identity using biometrics, government-issued ID, and other personal information.

The lender gains a holistic and fraud-proof view of each borrower, establishing a reliable foundation for the lending relationship.

Loan Approval & Tokenization

Once the identity verification and compliance checks are completed, VUMP tokenizes the loan agreement, creating a secure digital record that is stored on the blockchain.

Contract Signing & Document Upload

The borrower and lender digitally sign the loan contract. The closing documents, including the loan token, are uploaded and securely stored within VUMP.

Automated Funds Disbursement

VUMP ensures all predefined conditions for the loan are met before disbursing the funds. Once confirmed, VUMP automates the transfer of loan funds to the dealership’s account. The system’s automation streamlines the disbursement process, ensuring accuracy and reducing delays, while keeping all parties informed of the transaction status.

Ongoing Management, Compliance, & Transparency

The loan closing token can be exported into other systems, maintaining a secure, transparent record of all activities. Metadata-rich records stored within VUMP facilitate easy compliance with regulatory requirements and provide both the lender and borrower with continuous access to their transaction history.

Provide insights to customers

Our Difference

Immutable Recordkeeping

Our blockchain-powered system creates VDTs for each closing event, documenting the entire process in a tamper-proof and immutable manner. This record includes details of the participants, documents signed, and key milestones.

Referential Integrity

VDTs are linked to one another, allowing for easy reference and verification of the entire loan closing process. Each event can be traced back to its origin, providing transparency and reliability.

User-Friendly Interface

Our software is designed for ease of use by lenders, borrowers, and closing agents. Participants can confidently engage in loan closings using mobile devices or tablets.

Step-by-Step Use Cases

Explore a variety of industries that can streamline processes and ensure transparency with VUMP.

Real Estate Loan Closings

Streamline real estate closings and disbursements by leveraging advanced identity verification and smart contracts to ensure secure, efficient transactions.


Use Case

Closing Attorneys

Securely manage the loan closing process, ensuring compliance and reducing fraud through automated identity verification and immutable documentation.


Use Case

Personal Loan Closings

Our biometric-authenticated eSignature capabilities, paired with unparalleled KYC onboarding, ensure the most secure remote lending operations.


Use Case

Construction Draw Management

Automate disbursements through smart contracts, ensuring that payments are securely released only when predefined conditions and milestones are met.


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WHO WE ARE

Patented by Black Ink Technologies™

Black Ink Technologies is the developer of multi-patented integrated hardware and software platform,ChainIT, for verifiably connecting physical world objects, services, and events to the digital world with immutable blockchain technology. The company offers end-to-end permanent zero-trust products and services and connects the physical to the digital for Web 3.0, metaverse, or tokenization, thereby facilitating contract automation and value transfer to improve efficiency and limit stakeholder risk.



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About Us

We eliminate opportunities for fraud and ensure that data accuracy and integrity are maintained with easy validation.

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