FinTech Auto1 FT launches Europe’s first car financing on blockchain

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Sensible contracts on Ethereum change paper and guide procedures
Mobility business advantages from quicker, extra environment friendly and safer processing and documentation of car financing
Important step taken in direction of full digital mapping of autos

Berlin, 07/10/2021. Auto1 FT, the main monetary associate of the automotive business, is eliminating all guide enter and paper processes in its core enterprise, automotive financing: All paperwork, information and processes regarding financed vehicles are henceforth to be primarily based on good contracts – to span your entire life cycle of the autos. Auto1 FT is thus the primary automotive financer in Europe to transform its complete ecosystem to this methodology. Each automobile financed by Auto1 FT will now obtain a wise contract primarily based on the Ethereum blockchain.

Auto1 FT CEO Taimur André Rashid

Auto1 FT CEO Taimur André Rashid

Most information safety and effectivity via good contracts
Auto1 FT Managing Director Taimur André Rashid says: “Our digital resolution brings huge effectivity advantages for automotive sellers and is setting new requirements within the mobility business.” Utilizing good contracts reduces the whole expenditure and documentation concerned in financing a automotive to a minimal. The elevated information safety alongside quicker and cheaper functions ensures excessive effectivity. Errors or confusion are nearly not possible due to the blockchain. Appearing within the background are good contracts, containing central info and information factors in regards to the complete life cycle of the automobile: cost modalities, calculations, charges and the all-important credit score scoring. The impact: extra service and safety for automotive sellers, whereas retaining the identical consumer interface and basic process.

Sensible contracts mechanically generate legally binding agreements – freed from human intervention. Within the case of Auto1 FT, they run on the premise of Ethereum, the one blockchain know-how that presently permits and permits such features to this skilled extent. Nuno Vaz, Head of Info Know-how, provides: “Sensible contracts are primarily based on the excellent properties of blockchain: they’re tamper-proof, unalterable and clear, and are verified by the group. That is what makes them so useful for our functions.”

Sensible contracts pave the way in which to finish digitisation and new companions
Via good contracts, Auto1 FT offers all vehicle-related contractual particulars in a single settlement. These good contracts include all info and processes associated to the automobile, such because the chequebook and a complete automobile historical past, together with funds and former possession. The introduction of good contracts is just the start for Auto1 FT, enabling the corporate to increase the digital worth chain. Rashid feedback: “Along with new enterprise areas that we are able to open up extra simply with our digital processes, we’re planning via their use to work along with progressive platforms which have established themselves, equivalent to in Frankfurt, for instance.”

About Auto1 FT
Auto1 Fintech gives quick and simple digital financing options for the used automotive market. The corporate’s declared aim is the progressive financing and assist of all areas of the mobility business worldwide. Auto1 FT was based on the finish of 2017 and presently operates in Germany and France, with headquarters in Berlin and Amsterdam. With the know-how, expertise and financial power of its buyers and companions, the FinTech is concentrating on additional worldwide growth and innovation management. For extra info, go to: https://auto1-ft.com/

Press contact Auto1 FT
Matthias Alkier
Director of Advertising, Gross sales & Account Administration
tel.: +49 176 2458 1196
e-mail: matthias.alkier@auto1-ft.com



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