Invox Finance Platform overview
Invox Finance Pty. Ltd. is an invoice finance company based in Australia. This platform will revolutionize invoice financing traditionally because in the traditional system the investor who buys the invoice from the seller and advances the funds against it has no direct relationship with the buyer. Financiers only trust the information provided by the seller. Consequently, the relationship between the seller and the buyer is not entirely transparent to the investors and therefore exposes the financier to a considerable risk of an unpaid invoice as agreed or disputed.
Under the traditional system, Invox Finance will revolutionize the traditional system by applying a system of trust and transparency using smart contracts. Implementation of transactions and information flows will not depend on a single centralized service provider but is governed by a transparent set of rules implemented on a fully distributed ledger. Investors, sellers and buyers are the people who will be involved and use the Invox Finance system. With a system of Invox Finance, Investors will get a higher rate of return and diversify their investment portfolio. For the seller will receive a quick cash flow circulation on the traded invoice, while the buyer will receive an extended invoice payment period and will be rewarded for verifying the invoice.
Based on the description above, Invox Finance is a decentralized peer-to-peer invoicing loan platform that will allow sellers, buyers, investors, and other service providers to directly connect, interact, share and distribute information. The platform aims to create an environment of mutual trust by facilitating transparency between parties and satisfactory performance.
Invox Finance Model
Invox Finance will completely eliminate the need for capitalist engagement by linking businesses that want to speed up their cash flow through the sale of their invoices (“sellers”), directly with investors who want to finance the invoice. This model has been supported by several promising things in between;
- A set of Dynamic Invoice Contracts will be distributed to Ethereum main net. This smart contract will facilitate the creation of truly dynamic invoices and registration of this invoice on the distributed ledger. Dynamic invoices will also store additional information such as invoice verification status, advances made on invoices and payments received. They will also ensure that the information stored in the ledger is transparent, reliable and secure.
- Blockchains allow data structures that represent invoices to be used and become evidence. This allows all major ledgers to see the state of the invoice with respect to the time.
- Smart loan contract. this contract will be used on the Ethereum network which will allow a flow of funds between investors, sellers, and buyers. This smart contract will also direct funds to certain parties (when certain smart contract provisions are met) and allow for loan fragmentation to reduce risk to investors. The terms and conditions of the loan will be encoded into a smart contract, giving all participants certainty that their terms and conditions will be enforced.
- User access and HUB processing. This is where all parties will meet and interact with each other. Hub’s primary goal is to enable investors, sellers, buyers and other stakeholders to have a smooth and efficient way of communicating, exchanging information, and facilitating the initiation and execution of various smart contracts and processes.
- Integration of Bank APIs. The Linux / python cron task will manage calls from the Invox Finance banking partner’s API to a smart contract. It will be hosted on the Microsoft Azure cloud hosting, using “Key Vaults” for key management. Future deployments can be run in local data centers using HSM Gameloto to facilitate the signing of transactions.
Conclusion
Invox Finance is a platform that will facilitate the financing of peer to peer invoices using deprecated blockchain technology and will benefit investors, sellers and buyers. More detailed description of the Invox Finance Platform is on the whitepaper.
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