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

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  • Smart contracts on Ethereum replace paper and manual procedures
  • Mobility industry benefits from faster, more efficient and safer processing and documentation of vehicle financing
  • Significant step taken towards complete digital mapping of vehicles

Berlin, 07/10/2021. Auto1 FT, the leading financial partner of the automotive industry, is eliminating all manual input and paper processes in its core business, car financing: All documents, files and processes relating to financed cars are henceforth to be based on smart contracts – to span the entire life cycle of the vehicles. Auto1 FT is thus the first car financer in Europe to convert its entire ecosystem to this method. Every vehicle financed by Auto1 FT will now receive a smart contract based on the Ethereum blockchain.

Maximum data security and efficiency through smart contracts
Auto1 FT Managing Director Taimur André Rashid says: “Our digital solution brings enormous efficiency benefits for car dealers and is setting new standards in the mobility industry.” Using smart contracts reduces the total expenditure and documentation involved in financing a car to a minimum. The increased data security alongside faster and cheaper applications ensures high efficiency. Errors or confusion are virtually impossible thanks to the blockchain. Acting in the background are smart contracts, containing central information and data points concerning the entire life cycle of the vehicle: payment modalities, calculations, fees and the all-important credit scoring. The effect: more service and security for car dealers, while retaining the same user interface and general procedure.

Smart contracts automatically generate legally binding agreements – free of human intervention. In the case of Auto1 FT, they run on the basis of Ethereum, the only blockchain technology that currently allows and enables such functions to this professional extent. Nuno Vaz, Head of Information Technology, adds: “Smart contracts are based on the outstanding properties of blockchain: they are tamper-proof, unalterable and transparent, and are verified by the community. This is what makes them so valuable for our purposes.”

Smart contracts pave the way to complete digitisation and new partners
Through smart contracts, Auto1 FT provides all vehicle-related contractual details in a single agreement. These smart contracts contain all information and processes related to the vehicle, such as the chequebook and a comprehensive vehicle history, including payments and previous ownership. The introduction of smart contracts is just the beginning for Auto1 FT, enabling the company to expand the digital value chain. Rashid comments: “In addition to new business areas that we can open up more easily with our digital processes, we’re planning through their use to work together with innovative platforms that have established themselves, such as in Frankfurt, for example.”

About Auto1 FT
Auto1 Fintech offers fast and easy digital financing solutions for the used car market. The company’s declared goal is the innovative financing and support of all areas of the mobility industry worldwide. Auto1 FT was founded at the end of 2017 and currently operates in Germany and France, with headquarters in Berlin and Amsterdam. With the know-how, experience and economic strength of its investors and partners, the FinTech is targeting further international expansion and innovation leadership. For more information, visit: https://auto1-ft.com/

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Press contact Auto1 FT
Matthias Alkier
Director of Marketing, Sales & Account Management
tel.: +49 176 2458 1196
e-mail: [email protected]

Source: RealWire

RealWire is an award-winning online press release distribution service with over 15 years of experience, and is first choice for many of the UK’s top agency, freelance and in-house PR professionals. RealWire’s service can increase your story’s coverage and improve your online visibility. The UK’s leading innovator in press release distribution, RealWire introduced the Social Media News Release in 2007 and relevance targeting system PRFilter in 2010.

Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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