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
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.
Closing Attorneys
Securely manage the loan closing process, ensuring compliance and reducing fraud through automated identity verification and immutable documentation.
Personal Loan Closings
Our biometric-authenticated eSignature capabilities, paired with unparalleled KYC onboarding, ensure the most secure remote lending operations.
Construction Draw Management
Automate disbursements through smart contracts, ensuring that payments are securely released only when predefined conditions and milestones are met.
WHO WE ARE
Patented by Black Ink Technologies™
About Us
We eliminate opportunities for fraud and ensure that data accuracy and integrity are maintained with easy validation.
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