The Client is a financial services company and is one of the oldest national banks in USA. The Bank provides financial services through more than 180 locations in USA.
- The Bank wanted to track Secure Loan – Savings Account as collateral pledge tracking using Blockchain
- They wanted any collateral booked on their collateral system should be available as an externally consumable Webservice
- The objective is to track each collateral as a digital asset since the origination, trail of records and should act as a single source of truth of collateral on blockchain network.
For an update on the collateral like pre-payment of the loan amount, an event triggered from the collateral system and the smart contract would capture the event and log the transaction on ethereum blockchain. This would help manage any constraints on the collateral on the blockchain network to maintain 100% transparency with the customers
DreamzTech has developed a blockchain solution for a leading bank in the USA to help them in tracking collaterals (such as Loan, CDs, Credit and debit status etc) on Ethereum Blockchain. Each collateral would be tracked as a digital asset to track the origination, trail of records and act as a single source of truth of collateral on the blockchain network. Any update on the collateral like pre-payment of the loan amount, an event will be triggered by the collateral system and the smart contract would capture the event and log the transaction on Ethereum blockchain. This would help manage any constraints on the collateral on the blockchain network to maintain 100% transparency with the customers.
- Single source of Truth of collaterals
- Bank is able to trace end-to-end lifecycle of Collateral
- Real-time collateral reconciliation
- Transparency and visibility to the customer of the outstanding loan balance
- Immutable ledger of all loan transactions pertaining to savings and CD accounts
- Real-time alert and notification when loan fully repaid
- Synchronization and reconciliation between the blockchain network and banking internal systems
- Increase efficiencies in banking processes
- Improved customer satisfaction