FinTech Startup Money Catcha Teams With HSBC Australiabr>
Money Catcha’s blockchain platforms – Homechain, a home loan processing platform and Regchain, a tool to support regulatory compliance for financial companies – utilize the encrypted security of blockchain technology in a bid to greatly speed up home loan approval and risk monitoring.
Under the partnership, HSBC Australia will test both blockchain platforms in a pilot project in order to assess Homechain’s and Regchain’s capability to provide trusted data during the home loan origination process, which can then be analyzed and used for regulatory reporting.
“We prove the capabilities of the system and the business case to change the way they do things,” said Money Catcha founder and CEO Ruth Hatherley. “After this, we move into phase 2 where we widen the scope and start talking about how things could work in a full production environment.”
Hatherley also said that she believe that private, permission-based blockchain technology will form part of the underlying systems architecture of the financial services industry in the next five to ten years.
“Imagine a world where everyone in the finance ecosystem shared and could view the same data set and that data was provided directly from trusted sources of truth points, providing instant credit decisioning and access to money,” said Hatherley.