An established and fast-growing support service provider for Banking and Finance Industry wanted to develop a platform that manages and automates processes for lending loans between lenders and borrowers.
The client wanted to develop a Blockchain-based decentralized and transparent micro-lending platform that facilitates free market decision of interest rates and transparency of all transactions with no middleman involved.
Market determination on interest rates enabling lenders to decide the interest rate for borrowers
Loan settlement by borrower if failed to pay loan amount within given timeframe
Recommendation of lenders based on borrower reputation determined
Central head that facilitates account opening and solving disputes between parties
Prevents financial frauds by logging details of all transactions
Saving time with paperless banking processes
Secured system that leverages SAML 2.0 and OAuth 2 to ensure secured transactions
All micro lenders and facilitators will have a Smart Contract which will be immutable
The system ensures end-to-end security and transparency
Efficient and cost-effective system
Improved traceability of each transaction and payments