Block66, Civic Technologies partner to mitigate mortgage fraud

Block66, a blockchain-based lending solution mitigating mortgage fraud, has entered into a strategic partnership with Civic Technologies.

This partnership will bring trusted, secure identity services to the mortgage industry and enable Block66 to verify information given by borrowers. Civic, which designs blockchain-based digital identity solutions, will empower Block66 to boost efficiency, privacy, and security of its lending platform by integrating Civic’s KYC technology with its current framework.

Founded in 2018, Block66 is a blockchain-based lending platform which helps to improve mortgage cost, efficiency, and transparency. The platform takes care of the entire mortgage process, including credit scoring, property appraisals and matching lenders and borrowers.

All sizes of lenders can use the solution, accessing a sustainable loan pipeline, auditing tools and mortgage securitisation.

Civic is a blockchain identity-verification technology company that allows consumers to authorise the use of their identities in real time. Its lets users safely access websites and services using Civic Secure ID, satisfy KYC requirements with its resuable KYC, and protects the user before, during, and after an ID-theft incident.

Civic Reusable KYC is a blockchain-based tool for organisations that require more than basic account verification services. Its global offering enables scanning and verification of documents, such as passports, driver’s licenses, utility bills, and Accredited Investor Checks using the Civic Mobile App.

Block66 founder and CEO Joe Markham said, “Partnering with Civic Technologies will help Block66 validate applicants’ information and do thorough background checks so that lenders know borrowers are honestly representing themselves. With Civic Technologies, our platform will make it easier for everyone, so mortgages can be approved and funded faster.”

Last month, Civic partnered with blockchain collaboration platform Enkidu to develop an advanced KYC identity service that operates on the concept of a Limited Liability company.

Copyright © 2018 RegTech Analyst

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