Use Case
Personal Loans
Scenario: A borrower applies for a personal loan with a lender who uses VUMP for identity verification and loan disbursement, which secures and streamlines the process for both parties.
Loan Application
The lender receives the personal loan application within their legacy system. VUMP automatically sends a notification to the borrower instructing them to create their verified digital identity.
The lender reviews the borrower’s information and proceeds with the loan decisioning process.
Loan Approval and Payout Setup
The lender approves the personal loan application and prepares the closing documents.
The loan details, including amount, interest rate, repayment schedule, and disbursement conditions, are recorded in a smart contract.
Loan Closing and Auto-Disbursement
The lender initiates the closing process by securely sending the closing documents to the borrower, who performs a biometric authentication before signing the documents in the mobile application.
VUMP checks that all pre-disbursement conditions (e.g., signed agreement, verification of borrower’s details) are met.
Upon satisfying all conditions, the smart contract triggers the release of the loan funds into the borrower’s digital wallet, where it’s stored securely and easily accessed or transferred by the borrower.
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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