This will also determine what changes are required to be made in the legal documentation. Banks on average spend $40,000 for each new customer’s KYC check in the CTF space, whereas the Phlo platform spends less than $100 (0.25% of banks cost) by using proprietary credit rating models utilising machine learning on alternative data. Each borrower is allocated a credit risk score by Phlo’s proprietary credit rating computation engine Depending on the user profile, the Phlo Platform has a machine learning algorithm which will determine what kind of KYC documentation will be requested from the user. These checks are completed on each party by the Phlo Platform and will comply with industry best practices. ![]() Onboarding of Transaction Parties: Commodity traders and financers are on boarded onto the Phlo Platform following rigorous KYC and AML checks currently carried out by lenders such as banks. The Phlo Platform allows SME’s to participate in the commodity trading market on an equal footing by providing them with a comparable legal and administrative infrastructure to the larger players which they can utilize to obtain more competitive financing. The expensive risk management and legal processes are shortened, standardised and significantly automated using machine-learning algorithms. This reduces the heavy administrative burden of these previously manual processes and gives the financial assurances needed for financers to provide CTF. All key stakeholders and service providers in the commodity supply chain are onboarded equally onto one platform, with modules and workflows developed to meet their needs. Any prospective commodity trader or financer that adheres to Phlo's due diligence checks can facilitate trade on the platform. ![]() Phlo is the world's first blockchain and machine learning enabled commodity supply chain digitisation platform which is also an online lending marketplace for CTF. This includes contract management, risk management, documentation generation and sharing and Minerva allows commodity traders to manage all aspects of CTF deals with banks. We, Satoshi Systems Ltd, have already begun to develop the full lifecycle of a commodity trade transaction through the development our SaaS Enterprise Resource Planning platform Minerva. Phlo has been developed in close partnership with all of the commodity trading supply chain partners and therefore Satoshi has a much deeper understanding of their challenges. The Phlo Platform approach is to develop a solution, which helps the commodity supply chain partners in their day-to-day operations. All of the produce shipped using the Phlo platform is labelled with active tags using an RFID encoder, giving commodity traders and finance providers greater assurance and transparency, with predictive analytics used to give updates on the condition of the commodity. Phlo is the first solution to use IoT technology for the precise tracking of goods across the commodity trading supply chain. It allows communication with all supply chain partners such as freight-providers, warehouse-keepers, quality-testers, insurers, collateral managers and inspectors Phlo allows finance opportunities between commodity traders and potential lenders to be created, legal and operational processes to be completed and facilitates document sharing. ![]() Our unique approach combines the use of a blockchain network, electronic document management solutions, internet of things, and machine learning algorithms. Satoshi is taking a fresh approach to commodity trade finance, by creating the world's first commodity trade finance marketplace which can also facilitate commodity trading. ![]() Our Uniqueness: Unlike other companies who are creating digital blockchain solutions for the generic trade finance sector and solving the issues faced in the sector by banks, Satoshi has created a solution for the entire commodity trade finance supply chain.
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