FormFree® today announced it has selected Amazon Web Services, Inc. (AWS) to power FormFree’s consumer Financial DNA® solutions for the lender market. FormFree will leverage leading AWS technologies such as Amazon Managed Blockchain to create a scalable Hyperledger Fabric network.
FormFree to leverage Amazon Managed Blockchain to create FormFree Exchange, a Hyperledger Fabric network
FormFree® today announced it has selected Amazon Web Services, Inc. (AWS) to power FormFree’s consumer Financial DNA® solutions for the lender market. FormFree, a pioneer in direct-source digital financial verification, leverages cloud computing technologies to deliver scalable and secure solutions to over 3,500 lenders and partners throughout the United States.
FormFree will leverage leading AWS technologies such as Amazon Managed Blockchain to create a scalable Hyperledger Fabric network to deliver its Passport® Token and vision of commoditizing borrowers’ and credit providers’ interests using non-fungible tokens (NFTs) in the FormFree Exchange (FFX), a marketplace solution that puts consumers in control of their lending interactions. Blockchain maintains the proof of truth as consumers use FFX to safely and securely share their verified Passport Token with prospective credit providers.
The partnership also strengthens FormFree’s ability to deliver financial data to U.S. housing finance agencies by leveraging AWS’s expertise in the federal government and housing finance sectors.
“The FormFree Exchange, powered by AWS, revolutionizes consumers’ participation in the lending process,” said FormFree Chief Technology Officer Brian Francis. “No longer is getting a loan centered on the lender. Instead, each consumer’s unique Passport NFT puts them in control of who can see their financial information, and lenders can instantly get matched with leads that are not only qualified based on the consumer’s level of interest but also verified based on the degree of fit between the consumer’s financial profile and the lender’s offerings.”
FormFree® is a market-leading fintech company whose revolutionary products AccountChek® and Passport® make for a more inclusive credit decisioning landscape by enabling lenders to understand people’s true ability to pay (ATP®). Our vision is to leverage source data and data-driven intelligence to usher in a new era of transparent, fair and liquid credit markets. To date, thousands of U.S. lenders and brokers have ordered millions of FormFree’s patented verification reports representing trillions of dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination timelines and offers automated analysis and standardized delivery to lenders and investors using a secure ReissueKey®.
For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.
Related link: https://www.formfree.com/
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