Factom, Inc., a Blockchain as-a-service (BaaS) technology company announces the release of Factom Harmony Audit Room, Due Diligence Room, and Servicing Room. Built within our mortgage-based solution, Factom Harmony, this new suite of products will allow new digital functionality that was never possible before.
The Harmony suite of products works in conjunction with DigitalVault, Factom’s first product which creates a comprehensive, secure and unalterable document catalog. Factom’s new document management technology works as a simple extension of existing imaging technology. Their mortgage suite of products utilizes the Blockchain based DigitalVault to create unique solutions for regulatory compliance, quality control, due diligence, and servicing audits and compliance.
The Factom Harmony Audit Room is designed to support compliance evidence, quality control functions and allow internal and third parties to audit files, facilitate origination, and support post-closing reviews based upon the immutability of Blockchain technology.
The new Due Diligence Room is designed for loan sales, securitization, and non-performing loan trading. It builds upon the power of Blockchain technology to create a perfected chain of credit, collateral and compliance review data and documents.
The new Servicing Room solution creates a unique and unalterable record of borrower communications, documentation, and data. Designed for both current and delinquent loans, the Servicing Room creates an indisputable and permanent record of all servicing events with a public witness via the Factom Blockchain. The Servicing Room significantly reduces servicing costs by creating provable evidence of compliance. It also reduces the preparation time and risks of audits, servicing transfers, and foreclosure processes.
Factom, Inc. is an Austin-based software company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Factom creates resilient software and systems that are secure and shareable through the power of innovative Blockchain technology.
Factom is working with the Department of Homeland Security and the Bill and Melinda Gates Foundation to create new ways of securing records. Their new Blockchain-based software system for recording, managing, and sharing records is ready for the future, with safeguards to make sure sensitive information is appropriately shared, respecting the privacy and safety of all.
- OneFeather and BlocPal to Provide First Nations with Digital Financial Services - July 23, 2019
- Government Committee Wants Total Ban on Cryptocurrencies in India - July 23, 2019
- Judge Refuses to Dismiss Historic $224 Million SIM Swap Lawsuit by Crypto Luminary Michael Terpin Against Telco Giant AT&T Mobility - July 23, 2019
- RENBDO: First ICO Approved by European Commission – 70 Percent Funding From EU - July 22, 2019
- Chinese Government Blockchain Standardized Certification Received by Lenovo, Alipay, and Aelf - July 22, 2019
- KPMG Teams Up With Tomia, Microsoft And R3 To Create A Near Real-time Settlement Network For Telecom Companies - July 22, 2019
- Blockchain-Based ‘Lunar Registry’ Launched - July 22, 2019
- Daimler launches hardware Car Wallet with RIDDLE&CODE - July 22, 2019
- Ugandan President to Explore use of Blockchain to Tackle Counterfeit Drugs - July 22, 2019
- Blockchain-Based Travala.com Teams Up with Dash For Hotel Booking Payments - July 18, 2019
- SEC And FINRA Approves First Reg A+ Token Offerings - July 18, 2019
- Tokinex Tolken Sale Sells out in 35 Seconds - July 18, 2019
- 18 Organisations Launch The Convergence Alliance To Enable A New Open Data Economy Built On The Decentralized Web - July 9, 2019
- Bittrex Acquires Tradedash - July 3, 2019
- Korea’s Cube Systems Rolls Out New Blockchain eCommerce Platform - July 3, 2019
- Clinlogix Joins ALTEN Calsoft in Launching Blockchain for Clinical Trials - July 3, 2019
- Binance Charity forms alliance with 46 companies to unveil a stablecoin for the alleviation of period poverty - July 3, 2019
- Nestlé Breaks from IBM Food Trust Blockchain Group for New Milk Supply Chain Trial - July 3, 2019
- Tokeny Solutions Digital Asset Platform Gets €5 Million Backing from Euronext - July 3, 2019
- Blockchain Venture Capital Funding Reaches $822 Million in 2019 - July 1, 2019