The invention generally relate to computerized systems and methods for processing
data, and more particularly, and without limitation, computerized systems and methods
for credit financing in a secured block chain-based ledger structures.
10 BACKGROUND OF THE INVENTION
Discussion to background of the present invention is intended merely to facilitate the
understanding of the present invention below. It should be recognized that this
discussion does not recognize or admits: by the priority date of the present invention,
in any jurisdiction field, cited any content is the most public Open, for known or for
15 those skilled in the art parts of common knowledge.
Companies and individuals often need to borrow money from banks to maintain normal
business operations. In general, a loan reviewer analyzes financial statements of a
company or interview with the company before the bank decides whether a loan is
20 disbursed to the company. This process is not only costly and time-consuming, but also
unable to obtain accurate and comprehensive information related to the company in
real time. This deficiency often increases loan risks, and makes it difficult to have fast
and inexpensive expansion of a loan service. This is especially true when evaluating
and risk-managing medium, small, and micro-sized companies, where the most
25 important information such as operating activities and data of the companies can be
difficult to obtain or is missing.
Whereas, banks or financial institutions always look for potential customers who can
avail, loans and repay in a conforming and standard manner. Adding such quality
30 borrower accounts can become a challenge on reach, appraisal, time and overall cost
parameter for several financing institutions (FIs). Opacity of borrower’s business
operations and cash flows may pose repayment risks on the one side and on the other
3
5 end it may leave the FI incapable to scale up client business since it does not have realtime information to support a credit-worthy customer. A qualified transparent network
of businesses, FIs, re-financers, etc. can provide efficiency, liquidity, solvency and
growth to the financial monetary ecosystem.
10 Therefore, a need exists for systems and methods that are capable of providing
information, automation, increased flexibility in defining and processing, for a credit
financing functionality which can facilitate one or more users (financial institutions
and borrowers) in a distributed block chain network.
15 SUMMARY OF THE INVENTION
An aspect of the present invention is to address at least the above-mentioned problems
and/or disadvantages and to provide at least the advantages described below.
Accordingly, in one aspect of the present invention provides a data processing method
20 for facilitating credit financing to one or more users in a distributed block chain
network. In one embodiment, the method steps includes providing a first registration
template for a plurality of financing institutions (FIs) or private accredited lenders,
receiving FIs registration data from the plurality of partners and empanelling them for
the service, wherein the FIs registration data comprises a plurality of first set of
25 information followed by the terms and conditions to operate, providing a second
registration template for completion by the users, the user registration data includes a
second set of information followed by the terms and condition to opt for the service,
providing information about the availability of one or more users who may require or
consider financing from the financing institutions, thereby providing one or more
30 options of financing from/by the FIs to one or more users, the option of financing
generated based on a second set of information received from the users, the financing
options includes a creditor financing and a debtor financing, facilitating one or more
4
5 financing offers from one or more financing institutions to one or more users, the offers
includes initial acceptance of terms offered by the financing institutions or user,
allowing negotiation between the user and FIs to fine tune the offer and finalizing the
terms and creation of a contract through required documentation between the financing
institutions and the user based on the final acceptance of terms negotiated between the
10 FIs and the user.
In another aspect of the present invention provides a system including a user interface,
linking a plurality of users and a plurality of Financing Institutions (FI’s) to said system
via a network, a database and an administrating server, connected to said user interface
15 and said database. The server is configured for providing a first registration template
for a plurality of financing institutions (FIs) or private accredited lenders, receiving FIs
registration data from the plurality of partners and panelling them for the service,
wherein the FIs registration data comprises a plurality of first set of information
followed by the terms and conditions to operate, providing a second registration
20 template for completion by the users, the user registration data includes a second set of
information followed by the terms and condition to opt for the service, providing
information about the availability of one or more users who may require or consider
financing to the financing institutions, providing one or more options of financing
from/by the FIs to one or more users, the option of financing generated based on a
25 second set of information received from the users, the financing options includes a
creditor financing and a debtor financing, facilitating one or more financing offers from
one or more financing institutions to one or more users, the offers includes initial
acceptance of terms offered by the financing institutions or user, allowing negotiation
between the user and FIs to fine tune the offer and finalizing the terms and creation of
30 a contract through required documentation between the financing institutions and the
user based on the final acceptance of terms negotiated between the FIs and the user.
5
5 Other aspects, advantages, and salient features of the invention will become apparent
to those skilled in the art from the following detailed description, which, taken in
conjunction with the annexed drawings, discloses exemplary embodiments of the
invention.
10 BRIEF DESCRIPTION OF THE DRAWINGS
The above and other aspects, features, and advantages of certain exemplary
embodiments of the present invention will be more apparent from the following
description taken in conjunction with the accompanying drawings in which:
Figure 1 illustrates an exemplary network system for processing credit financing
15 functionality or applications, according to one embodiment of the present invention.
Figure 2 shows a block diagram of a system or server in conjunction with figure 1.
Figure 3 shows a flow chart of a data processing method for facilitating credit
financing to one or more users in a distributed block chain network, according to one
embodiment of the present invention.
20
Persons skilled in the art will appreciate that elements in the figures are illustrated for
simplicity and clarity and may have not been drawn to scale. For example, the
dimensions of some of the elements in the figure may be exaggerated relative to other
elements to help to improve understanding of various exemplary embodiments of the
25 present disclosure.
Throughout the drawings, it should be noted that like reference numbers are used to
depict the same or similar elements, features, and structures.
30 DETAILED DESCRIPTION OF THE INVENTION
The present subject matter relates to a system for enabling credit financing
functionality between a financing institutions/banks/private accredited lenders and one
6
5 or more borrower. The system is configured to enable a borrower to access the system
and provide personal and financial details (borrower data) of their enterprise. The
system also enables a web-based application for one or more lenders to access the
system and identify a potential borrower matching their specification in order to lend
money.
10
In one embodiment of the Invention the ‘borrower data’ includes data automatically
captured and analysed by the system from one or more feeds, data extracted from other
sources data collected in context of the user. The system also enables an analysis tool
that may be integrated to web-based application in order to assist the lender in
15 identifying a potential borrower. The system may be configured to run background
operations like analytics operations for determining the borrower's creditworthiness by
processing the borrower data, monitoring the loan performance and the like. The
system may also perform financial operations like loan disbursements or repayments
and generate notifications in the form of push notifications, emails, and SMS for the
20 lenders and the borrowers.
In one embodiment, the system may also enable the transfer of money, conversion of
loans, and repayments without involving any intermediary and/or merchant. The
system may also allow users to receive and make payments either by traditional
25 banking infrastructure or using alternative permissible legal methods for the unbanked
entities which operate without any bank account. In one embodiment the system as
defined in the current invention acts as a marketplace wherein lenders register and view
the various borrower loan requirements and are enabled to browse, select and analyse
the borrowers they would like to do business with.
30
While aspects of described system and method for enabling credit financing
functionality between the borrower and the lender may be implemented in any number
7
5 of different computing systems, environments, and/or configurations, the embodiments
are described in the context of the following exemplary system.
Referring now to FIG. 1, a network implementation (100) of a system (102) for
enabling credit financing functionality between the borrower and the lender is disclosed
10 in accordance with an embodiment of the present invention. Although the present
subject matter is explained considering that the system (102) is implemented on a
server, it may be understood that the system (102) may also be implemented in a variety
of computing systems, such as a laptop computer, a desktop computer, a notebook, a
workstation, a mainframe computer, a server, a network server, and the like. In one
15 implementation, the system (102) may be implemented in a block chain based
environment. It will be understood that the system (102) may be accessed by multiple
users through one or more user devices (104-1, 104-2 . . . 104-N), collectively referred
to as user devices 104 hereinafter, or applications residing on the user devices (104).
Examples of the user devices (104) may include, but are not limited to, a portable
20 computer, a personal digital assistant, a handheld device, and a workstation. The user
devices 104 are communicatively coupled to the system (102) through a network 106.
Further, the system (102) may be accessed by multiple FI’s (106) through one or more
user devices (106-1, 106-2 . . . 106-N), collectively referred to as FI devices (106)
25 hereinafter, or applications residing on the user devices 104. Examples of financing
institutions (FI’s) (106), in an embodiment can be banking institutions, and
corporations that provide services as intermediaries of financial markets e.g. of
financing institutions includes banks, Non-Banking Finance Companies, other
Financial Institutions, entities or individuals with investible resources etc. The FIs are
30 communicatively coupled to the system (102) through a network (108).
8
5 In one implementation, the network (108) may be a wireless network, a wired network
or a combination thereof. The network (108) can be implemented as one of the different
types of networks, such as intranet, local area network (LAN), wide area network
(WAN), the internet, and the like. The network (108) may either be a dedicated network
or a shared network. The shared network represents an association of the different types
10 of networks that use a variety of protocols, for example, Hypertext Transfer Protocol
(HTTP), Transmission Control Protocol/Internet Protocol (TCP/IP), Wireless
Application Protocol (WAP), and the like, to communicate with one another. Further
the network (108) may include a variety of network devices, including routers, bridges,
servers, computing devices, storage devices, and the like.
15
In one embodiment, the system (102) is configured to provide and validate personal
and financial information associated with a set of borrower and classify the borrowers
on a number of criteria such as country, sector, specific location, amount, credit risk,
and the like. The system (102) also enables direct communication between lender and
20 borrower through a dedicated messaging platform. Further, the system (102) also
provisions send and receive money in a secured and integrated manner by making use
of virtual or cryptocurrency. The system (102) is further configured to schedule alarms
to receive optimised automatic notifications to assist the lender and borrower in
remembering their commitments and increase the repayment success rate. Further, the
25 system (102) provides both lenders and borrowers with the legal documentation
necessary to formalize the loan and relative terms.
Referring now to FIG. 2, the system or server (102) for enabling credit financing
functionality between the borrower and the lender is illustrated in accordance with an
30 embodiment of the present subject matter. In one embodiment, the system (102) may
include at least one processor (202), an input/output (I/O) interface (204), and a
memory (206). The at least one processor (202) may be implemented as one or more
9
5 microprocessors, microcomputers, microcontrollers, digital signal processors, central
processing units, state machines, logic circuitries, and/or any devices that manipulate
signals based on operational instructions. Among other capabilities, the at least one
processor (202) is configured to fetch and execute computer-readable instructions
stored in the memory (206).
10
The I/O interface (204) may include a variety of software and hardware interfaces, for
example, a web interface, a graphical user interface, and the like. The I/O interface
(204) may allow the system (102) to interact with a user directly or through the client
devices (104) of figure 1. Further, the I/O interface (204) may enable the system (102)
15 to communicate with other computing devices, such as web servers and external data
servers (not shown). The I/O interface (204) can facilitate multiple communications
within a wide variety of networks and protocol types, including wired networks, for
example, LAN, cable, etc., and wireless networks, such as WLAN, cellular, or satellite.
The I/O interface (204) may include one or more ports for connecting a number of
20 devices to one another or to another server.
The memory (206) may include any computer-readable medium known in the art
including, for example, volatile memory, such as static random access memory
(SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory,
25 such as read only memory (ROM), erasable programmable ROM, flash memories, hard
disks, optical disks, and magnetic tapes. The memory (206) may include modules and
data. The modules may include routines, programs, objects, components, data
structures, etc., which perform particular tasks, functions or implement particular
abstract data types. In one implementation, the modules may include a credit financing
30 module (208), and other modules (210). The other modules (210) may include
programs or coded instructions that supplement applications and functions of the
system (102).
10
5 The data, amongst other things, serves as a repository for storing data processed,
received, and generated by one or more of the modules. The data may also include a
repository (212), and other data (214). In one embodiment, the repository (212) may
be configured to store information captured from the borrowers. Further, the other data
(214) may include data generated as a result of the execution of one or more modules.
10
In one implementation, a borrower has to register in order to access financing services
for their enterprises. The borrower is configured to provide borrowers' personal as well
as professional information and transmit this information to the system. The interface
module is configured to generate a borrower profile based on this information captured.
15 In a similar manner, information from all the borrowers is captured and borrower
profiles are generated and stored in the repository. In an embodiment the borrower
profile may also be fed with data from the second set of information which may include
borrower’s contractual data and transaction information.
20 In one embodiment, the system enables the lender to communicate with the system.
The lenders may browse through different borrower profiles stored in the repository
using the system and to select suitable profile in which the lender may want to invest.
The system enables the lender to communicate and provides it with convenient access
to any type of good potential customers, even those who may ordinarily be hard to
25 reach out to.
In order to support the lender in decision making of lending money to a particular
borrower, the system analyse the different borrower profiles and decide the most
suitable profiles as per the lenders requirements. Once the lender selects a particular
30 borrower profile, the system enables end to end process for loan from disbursement to
collection, by using the credit financing module. The system provides the borrower and
lender with the following advantages:
11
5 Further, the system may acts as an intermediary body at various critical steps
of the money lending process such as credit risk assessment, deployment and
repayment of the loan etc. The system enables direct communication between
the lender and the borrower. Furthermore, the system enables complete
automation, management and monitoring of the entire lending process which
10 involves agreements generation, loan disbursement, loan repayments, alarms,
and recovery in case of default.
The system which use the block chain technology to participate in the hashing of the
credit platform and the credit application content and the credit matching event through
15 the participant private key of each step, and perform hash signature to obtain the hash
value of each stage. Effectively preserves the entire process of matching the system
information, ensuring authenticity and integrity.
Figure 3 shows a flow chart of a data processing method for facilitating credit financing
20 to one or more users in a distributed block chain network, according to one embodiment
of the present invention.
At step 301, the method provides a first registration template for a plurality of financing
institutions (FI) or private accredited lenders.
25
At step 302, the method receives FI registration data from the plurality of partners and
panelling them for the service, the FI registration data comprises a plurality of first set
of information followed by the terms and conditions to operate. , The first set of
information includes information about FIs and their products, their documentation and
30 execution preferences. In an example embodiment, the process of pre-feeding of loan
documents of FIs Option includes (1) Enabling Digital Signing of all Loan Documents
(2) Digitally sign documents up to a certain amount (3) Only Hard copy signature.
12
5 Further, the method may display and make all the FIs to agree the Terms and
Conditions to operate using this facility.
At step 303, the method provides a second registration template for completion by the
users, the user registration data includes a second set of information followed by the
10 terms and condition to opt for the service. The second set of information includes
profile and KYC/statutory/registration documents of prospective borrower (user), the
contracts executed and/or invoices, bills, cheques, promissory notes and other
negotiable instruments and supporting documents offered by the user over the platform,
performance data and financial statements of the user, other specific information
15 required by the FIs.
At step 304, the method provides information about the availability of one or more
users who may require or consider financing from the financing institutions.
The information about the availability of users to the financing institution is based on
20 interest for funding expressed by the existing users and the specific preferences of FIs
registered with the system database, and also based on the past activities and
performance of the user. In another example embodiment, the method or system may
allow FIs to create promotions/offers for specific type of users or contracts, which can
be a premium function for which the method may or may not allow them to be charged
25 separately.
At step 305, the method provides one or more options of financing from/by the FIs to
one or more users, the option of financing generated based on the first and second set
of information received from the users, the financing options includes a creditor
30 financing and a debtor financing. The process of providing options of financing to the
users based on the information or documents provided by the user to match with the
interested FIs (Financing Institutions). The information or documents may include but
13
5 not limited to certificate of Incorporation and all or any other necessary data which
includes parameters on rating, turnover, audited accounts bankers report about dealings
with the vendors. In an example embodiment, the option of providing of financing to
the users by FIs may be covered under a Credit Guarantee Fund. The Credit Guarantee
Fund option can be opted for by the users and FIs on compliance of the terms of such
10 fund at the time of registration and contracting. In another embodiment the method
may allow for treatment of credit period backed payments or even advance payments
in a contract, being part of second set of user information, as a type of financing and
may allow for extension of Credit Guarantee Fund coverage to such users.
15 In an example embodiment, the system or method may provide various options on the
display i.e. do you require financing, may consider financing, and not interested in
Financing and allow the user to select one or two options. If any of the user have
selected the option ‘YES’, then the method may ask to provide the information in order
to match their finance requirement with interested Financing Institutions/Banks. The
20 method may ask the user to provide input the necessary information and upload
corresponding supporting documents which may include certificate of Incorporation
GST Registration, Installed Capacity (backed with documentary evidence), all
necessary data as per all parameters e.g. For Parameters 2 of Rating, asking user to
enter last 3 years turnover, then the method or system may calculate the average growth
25 rate. Similarly ask the user to enter data regarding all parameters. Further the
supporting documents includes last three years audited accounts, to enter orders in hand
and also print, sign and upload on letterhead, bankers report about dealings with the
user, and/or any other documents that the user wants to share (For example suggestions:
Client Testimonials, Awards and Certifications, Quality Certifications, relevant
30 Qualifications & Experience, Management Strength, etc.)., provide main parameter
data for subsisting or proposed/in-process commercial contract(s) as part of second set
of information.
14
5
At step 306, the method facilitates one or more financing offers from one or more
financing institutions to one or more users, the offers includes initial acceptance of
terms offered by the financing institutions or user. The initial acceptance of terms
offered by the user may be sent to a plurality of FI’s via email and flagging the same
10 in the FI’s dashboard. The initial offers includes transaction details, nature of
transaction, finance required, tenure details, responses received from FI’s and other
relevant transaction documents from the platform. In an example embodiment the
method provides one or more information about the finance seeker to a plurality of
financers. The information about the requirement includes but not limited to
15 Transaction Details: Seeking Buyer Credit/Seller Credit, Nature of Transaction:
, Finance Required, Tenure Required, Backed by
platform or system or method which has all relevant transaction documents (with or
without any Credit Guaranty of/from Platform), additional security/guaranty if any
offered, rating provided by the system from the past transactions, external Credit
20 Ratings or data from Account Aggregators or any other source , Bank Details etc.
Any response from the FI’s on the initial offer is perceptible against that particular user,
and upon acceptance of the offer in principal triggers the visibility of FI’s responses
which is limited to the finance seeker user. Principal approval from the Fl may include
25 approval/sanction information for the request for financing, amount, tenure, rate of
interest, and other relevant information. The user may be able to view all the positive
responses from various responding FI’s along with terms/offer and having an option to
accept any one of the offer, and upon accepting the offer, a document kit may become
available for Signatures (manual signature or online digital signature or offline digital
30 signature), as per the requirement of the Fl. In an embodiment the Fl may initiate
disbursement of loan amount /funds to the user account and update the same in the
15
5 system, the disbursement information includes date of payment, amount, due date, rate
of interest, mode of payment and customer bank details.
In an exemplary embodiment of the present invention, the method may provide a
system to FIs (financing institutions) a financial process in which receivable stream of
10 interest payments and/or receivable of principal payments in loans and/or any other
receivables, called assets, are packaged, underwritten, are sold off or offered as
collateral in exchange for investment. By entering into the securitization transaction,
the risk associated with holding a specific set of assets, called a pool, is transferred
from the originator of the loans or issuer of the securities to a group of investors who
15 is willing to take on that risk in exchange for the returns generated by the underlying
assets in the pool. In an example embodiment, the system may pool its receivables from
customer users and put them up for various types securitization as understood by those
skilled in the art. In an example embodiment the securitized assets may be subscribed
or purchased by other FIs operating within the platform/network or by FIs external to
20 the network.
In another exemplary embodiment, the method offers a system whereby the second set
of information may also include user data for those users who may seek refinancing of
an existing loan from a FI, and the same can be put up for financing. The refinancing
25 transaction may include, account settlement between old financer and new financer,
closure of old financing, creation of new financing, etc.
At step 307, the method allows the user and FIs to negotiate in order to fine tune the
offer and finalizing the terms and condition, if any.
30
16
5 At step 308, the method creates a contract through required documentation between the
financing institutions and the user based on the final acceptance of terms negotiated
between the FIs and the user.
At step 309, the method updates the distributed ledger with a hash of the contract
10 creation, wherein the transaction of agreed terms of the financing between the FI’s and
users, or for refinancing transactions or for securitization transactions i.e. for any such
financial transaction or any other financial transaction are recorded concurrently and
each transaction is recorded with a hash value.
15 Although implementations for methods and systems for enabling financial transaction
between the borrower and the lender, it is to be understood that the appended claims
are not necessarily limited to the specific features or methods described. Rather, the
specific features and methods are disclosed as examples of implementations for
enabling financial transaction between the borrower and the lender.
20
A number of embodiments of the present disclosure have been described. While this
specification contains many specific implementation details, there should not be
construed as limitations on the scope of any disclosures or of what may be claimed, but
rather as descriptions of features specific to particular embodiments of the present
25 disclosure. While embodiments of the present disclosure are described herein by way
of example using several illustrative drawings, those skilled in the art will recognize
the present disclosure is not limited to the embodiments or drawings described. It
should be understood the drawings and the detailed description thereto are not intended
to limit the present disclosure to the form disclosed, but to the contrary, the present
30 disclosure is to cover all modification, equivalents and alternatives falling within the
spirit and scope of embodiments of the present disclosure as defined by the appended
claims.
17
5
The headings used herein are for organizational purposes only and are not meant to be
used to limit the scope of the description or the claims. As used throughout this
application, the word “may” be used in a permissive sense (i.e., meaning having the
potential to), rather than the mandatory sense (i.e., meaning must). Similarly, the words
10 “include”, “including”, and “includes” mean including but not limited to. To facilitate
understanding, like reference numerals have been used, where possible, to designate
like elements common to the figures.
The phrases “at least one”, “one or more”, and “and/or” are open-ended expressions
15 that are both conjunctive and disjunctive in operation. For example, each of the
expressions “at least one of A, B and C”, “at least one of A, B, or C”, “one or more of
A, B, and C”, “one or more of A, B, or C” and “A, B, and/or C” means A alone, B
alone, C alone, A and B together, A and C together, B and C together, or A, B and C
together.
20
The term “a” or “an” entity refers to one or more of that entity. As such, the terms “a”
(or “an”), “one or more” and “at least one” can be used interchangeably herein. It is
also to be noted the terms “comprising”, “including”, and “having” can be used
interchangeably.
25
Certain features that are described in this specification in the context of separate
embodiments can also be implemented in combination in a single embodiment.
Conversely, various features that are described in the context of a single embodiment
can also be implemented in combination in multiple embodiments separately or in any
30 suitable sub-combination. Moreover, although features may be described above as
acting in certain combinations and even initially claimed as such, one or more features
from a claimed combination can in some cases be excised from the combination, and
18
5 the claimed combination may be directed to a sub-combination or variation of a subcombination.
Similarly, while method steps may be depicted in the drawings in a particular order,
this should not be understood as requiring that such operations be performed in the
10 particular order shown or in a sequential order, or that all illustrated operations be
performed, to achieve desirable results.
Certain features that are described in this specification in the context of separate
embodiments can also be implemented in combination in a single embodiment.
15 Conversely, various features that are described in the context of a single embodiment
can also be implemented in combination in multiple embodiments separately or in any
suitable sub-combination. Moreover, although features may be described above as
acting in certain combinations and even initially claimed as such, one or more features
from a claimed combination can in some cases be excised from the combination, and
20 the claimed combination may be directed to a sub-combination or variation of a subcombination.
Moreover, the separation of various system components in the embodiments described
above should not be understood as requiring such separation in all embodiments, and
25 it should be understood that the described program components and systems can
generally be integrated together in a single software product or packaged into multiple
software products.
Thus, particular embodiments of the subject matter have been described. Other
30 embodiments are within the scope of the following claims. In some cases, the actions
recited in the claims can be performed in a different order and still achieve desirable
results. In addition, the processes depicted in the accompanying figures do not
19
5 necessarily require the particular order show, or sequential order, to achieve desirable
results. In certain implementations, multitasking and parallel processing may be
advantageous. Nevertheless, it will be understood that various modifications may be
made without departing from the spirit and scope of the claimed disclosure.
10 In certain implementations, multitasking and parallel processing may be advantageous.
Nevertheless, it will be understood that various modifications may be made without
departing from the spirit and scope of the claimed disclosure.

WE CLAIM:
1. A data processing method for facilitating credit financing to one or more users in a
distributed block chain network, the method comprising:
providing a first registration template for a plurality of financing institutions
(FIs) or private accredited lenders;
10 receiving FIs registration data from the plurality of partners and empanelling
them for the service, wherein the FIs registration data comprises a plurality of
first set of information followed by the terms and conditions to operate;
providing a second registration template for completion by the users, the user
registration data includes a second set of information followed by the terms and
15 condition to opt for the service;
providing information about the availability of one or more users who may
require or consider financing to the financing institutions;
providing one or more options of financing from/by the FIs to one or more
users, the option of financing generated based on a second set of information
20 received from the users, the financing options includes a creditor financing and
a debtor financing;
facilitating one or more financing offers from one or more financing institutions
to one or more users, the offers includes initial acceptance of terms offered by
the financing institutions or user;
25 allowing negotiation between the user and FIs to fine tune the offer and
finalizing the terms; and
creation of a contract through required documentation between the financing
institutions and the user based on the final acceptance of terms negotiated
between the FIs and the user.
30
21
5 2. The method as claimed in claim 1, further comprising:
updating the distributed ledger with a hash of the contract creation, wherein the
transaction of agreed terms of financing between the FI’s and users are recorded
concurrently and each financial transaction is recorded with a hash value.
10 3. The method as claimed in claim 1, wherein the first set of information includes
information about FIs and their products, their documentation and execution
preferences and the second set of information includes profile and
KYC/statutory/registration documents of prospective borrower (user), the contracts
executed and/or invoices, bills, cheques, promissory notes and other negotiable
15 instruments and supporting documents offered by the user over the platform,
performance data and financial statements of the user, other specific information
required by the FIs.
4. The method as claimed in claim 1, wherein the process of providing options of
20 financing to the users based on their preferences and first & the second set of
information or documents provided by the user to match with the interested Financing
Institutions, wherein the information or documents includes certificate of Incorporation
and all other necessary data includes parameters on rating, turnover, audited accounts
bankers report about dealings with the vendors.
25
5. The method as claimed in claim 1, wherein the process of providing options of
financing to the users by FIs may be covered under the Credit Guaranty Fund, wherein
the Credit Guaranty Fund option is opted for by the users on compliance of the terms
of such fund at the time of registration.
30
6. The method as claimed in claim 1, wherein providing information about the
availability of borrowers/users to the financing institution is based on interest for
22
5 funding expressed by existing users & the specific preferences of FIs registered with
the system database, and also based on the past experience of Fl’s.
7. The method as claimed in claim 1, wherein the user to be able to view all the positive
responses from various responding FI’s along with terms/offer and having an option to
10 accept anyone of the offer, and upon accepting the offer, a document kit may become
available for downloading and uploading along with Digital Signatures, or as per the
requirement of the Fl.
8. The method as claimed in claim 1, wherein the initial acceptance of terms offered to
15 the user is sent to the concerned FI’s via sms/email and flagging the same in the FI’s
Console.
9. The method as claimed in claim 8, wherein the initial offers includes transaction
details, nature of transaction, finance required, tenure details, response received from
20 FI’s and other relevant transaction documents from the platform.
10. The method as claimed in claim 1, wherein any response from the FI’s on the initial
offer is perceptible against that particular user, and upon acceptance of the offer in
principal triggers the visibility of FI’s response which is limited to the finance seeker
25 user.
11. The method as claimed in claim 10, wherein the in principal approval from the Fl
includes approval/sanction information for the request for financing, amount, tenure,
rate of interest, and other relevant information.
30
12. The method as claimed in claim 1, wherein the Fls initiates disbursement of loan
amount /funds to the user account and updated the same in the system, the disbursement
23
5 information includes date of payment, amount, due date, rate of interest, mode of
payment and customer bank details and relevant digital milestones created to track and
manage the performance of the borrower user such as regular servicing and repayment
against this loan transaction.
10 13. The method as claimed in claim 1, wherein the financing institution is capable of
restructuring one or more bundle and/or package including certain number/type of
users in order to convert the same into one or more marketable lots for seeking refinance from one or more FIs.
15 14. A system, comprising:
a user interface, linking a plurality of users and a plurality of Financing
Institutions (FI’s) to said system via a network;
a database; and
an administrating server, connected to said user interface and said database, the
20 server is configured for facilitating the users in the network by:
providing a first registration template for a plurality of financing institutions
(FIs) or private accredited lenders;
receiving FIs registration data from the plurality of partners and panelling them
for the service, wherein the FIs registration data comprises a plurality of first
25 set of information followed by the terms and conditions to operate;
providing a second registration template for completion by the users, the user
registration data includes a second set of information followed by the terms and
condition to opt for the service;
providing information about the availability of one or more users who may
30 require or consider financing to the financing institutions;
providing one or more options of financing from/by the FIs to one or more
users, the option of financing generated based on a second set of information
24
5 received from the users, the financing options includes a creditor financing and
a debtor financing;
facilitating one or more financing offers from one or more financing institutions
to one or more users, the offers includes initial acceptance of terms offered by
the financing institutions or user;
10 allowing negotiation between the user and FIs to fine tune the offer and
finalizing the terms; and
creation of a contract through required documentation between the financing
institutions and the user based on the final acceptance of terms negotiated
between the FIs and the user.
15
15. The system as claimed in claim 14, wherein the database stores data of the platform,
and the administrating server retrieves data from the database and stores data into the
database.