Shift.cash - The future of the credit business today
SHIFT.cash is the first global tokenized platform for car title loans. We connect the market of secured (or low-risk) lending with the world of crypto-currency and give the opportunity to solve financial issues for a billion car owners.
SHIFT.cash gets rid of barriers to access the global financial system, uniting secure credit organizations around the world into the largest online banking. Our blockchain platform will calculate the risks with high accuracy and ensures the investment of your funds in a fast-growing and less volatile market - loans secured by property.
Investing under real high liquid collateral?
- This was not yet available to most investors!
HOW IT WORKS?
1: The Borrower installs the SHIFT.cash application on a smartphone and goes through the usual registration procedure for online banks: entering personal data and scanning the passport.
2: Next, the borrower enters information about his car - the collateral. Here, with the help of the application, the user adds a photo of the vehicle and the car itself.
3: Now the user has full access to the car evaluation function and the calculation of the available loan amount. Based on regional databases, the integrated module SHIFT.Appraisal determines the market value of the car and its liquidity ratio.
4: To calculate the interest rate, an "intelligent" algorithm adjusting the rate is used, depending on the loan amount. At the same time, the maximum loan amount does not exceed 35% of the market value of the car.
5: In order to get a loan, the user must undergo a verification procedure. This can be done in person at the nearest SHIFT.cash office or remotely by making a photo of the car with a special QR code installed under the windshield, preprinted on a sheet of A4 paper.
6: After approval, the borrower gets the money to his account created in the SHIFT.cash system. Payments can be made with the support of mobile services like Apple Pay, Samsung Pay and Android Pay. Also, you can attach a virtual or plastic card to the account SHIFT.cash
Shift.cash Blockchain utilization:
The global development program of the SHIFT.cash service includes two components: the technical development of the existing platform and the marketing promotion of the project around the world
- Installing the system on the blockchain architecture / Development of the blockchain module.
- Preparation of technical infrastructure for launching in the US, Latin America, Western and Eastern Europe, Russia, South Korea, Japan:
- Integration of the evaluation module with local data aggregators of the car market.
- Integration of the scoring unit with local official vehicle databases.
- Preparation of technical infrastructure for launch in target markets of the second stage China, India, Southeast Asia:
- Integration of the evaluation module with local data aggregators of the car market.
- Integration of the scoring unit with local official vehicles databases
Completing the installation of the system on the blockchain platform. Start connecting local partner companies in the target countries.
Testing the system of issuing loans and interacting with partners (in target markets with prepared infrastructure)
Launching operating activities in target markets of the first stage.
Launching operating activities in target markets of the second stage.
Achieving a dynamic pool of loans within the SHIFT.cash system of $ 9 billion.
E-Mail (Media):[email protected]
2017 has come to an end, it's time to sum up!
This year high-class blockchain developers joined our team. We have
completed development the integrated SHIFT.cash platform based on
blockchain technology. In addition to the office in Austria, branch
offices were opened to work with partners in the USA, Russia and
Argentina. The project successfully achieved ICO pre-sale goal.
Stay tuned and do not miss an opportunity to get 20% bonus at the start of the main stage of SHIFT.cash ICO! We start on the 5th of February.
We have collected the most important questions about ICO and published in our blog. We are waiting for your comments and additions! Also if you have some questions about how does SHIFT.cash works or ICO details, welcome to our Telegram group. For the latest news join our Telegram channel.
Shift.cash - How Big Data makes the financial sector more client oriented
One of the fundamental technologies of our SHIFT.cash platform, specializing in online loans secured by car titles, is a large data processing system (Big Data). The meaning of this technology lies in the fact that within the framework of a single system, a huge amount of fragmented information is analyzed from multiple databases, according to numerous parameters, on the basis of which a single result is almost instantly output.
It was thanks to Big Data that we managed to fully automate and put online the low-risk segment of lending — security based. The SHIFT.Appraisal unit automatically collects and analyzes all the market information of this or that region by special algorithm that is developed by professionals in the field of car loans. As a result, the value of the collateral (vehicle) and its liquidity is automatically determined. Evaluation is maximally unbiased due to minimizing the human fact, and fast, because the computer performs the operation automatically, in a matter of minutes.
Our case is one of many options for the successful application of the Big Data technology in the financial industry. Here are the main directions of using this technology in the industry.
Big Data against scammers
Financial institutions and projects use Big Data to analyze the behavior of their customers. This information helps to minimize the risks of fraud. The system accumulates information about the classic behavior of the client by numerous parameters, for example, the frequency of withdrawing money from the card, the amount, the place of withdrawal, and so on. If the client’s behavior is very different from the classical one, the system signals a risk of fraud. For example, Visa’s anti-fraud system helps prevent fraudulent payments amounting to $ 2 billion annually. HSBC Bank also uses Big Data for this purpose, which allowed them to recognize fraudulent incidents 10 times more successfully.
Quick assessment of the borrower
What the banks are most often scolded for is their ancient methods of work. For example, in order to get a loan, you need to bring verification of employment to the bank from work and an number of other documents, on the basis of which a decision will be made about the creditworthiness of the borrower. Big Data makes this process more convenient and fast for the client. For financial institutions themselves or FinTech-platforms, there is also a benefit in this, because the conclusion is more objective, based on a large amount of data. For example, a person can have a decent salary, but due to the analysis of human behavior on the Internet and social networks, it is known that he is addicted to gambling or investing in dubious projects. Then, from the point of view of a financial institution, the likelihood of granting him a loan is reduced.
So far, banks are not very actively using Big Data in this direction, so reviewing the loan application is still a long process. At FinTech-platforms, on the contrary, the list of competitive advantages includes the speed of all actions, including the assessment of the borrower’s solvency.
Assessment of the client’s behavioral parameters allows financial projects to turn their advertising from fan spam to “smart” and necessary advertising. After all, a person is “against” obsessive and useless advertising, but in every possible way “for” the relevant and timely proposals. For example, on the Internet, a client studies the issue of effective investment, and at this point the bank or financial platform, which he already trusts, sends him an interesting investment proposal.
SHIFT.cash Announcements - A new exchange, an interview with Bogdan Fiedur and also something very interesting
Just over a week is left until the end of our ICO, 93% of all tokens are
sold. If you are still thinking about buying, you should do it now and
get an extra 5% bonus tokens. In the meantime we are actively
negotiating with several exchanges. Today we are happy to announce the
start of negotiations with Cryptopia. We remind you that SCASH will be available on the exchanges is April.
And now we present you an interview with SHIFT.cash blockchain adviser Bogdan Fiedur. He shared his opinion about the project and talked about the prospects of using blockchain technology in FinTech projects.
Finally, a new article from the shift.cash blog. We tried to figure out what problems are facing businesses in the digital economy and what lies ahead.