How Refineryy is Transforming Real Estate Loans with Pantheon
DISCLAIMER: As of September 2019, Pantheon has been renamed to Hyperledger Besu. In posts prior to September 2019, we refer to the Ethereum client as Pantheon.
In our first edition of this blog series, we highlighted ioBuilders, who are using the new permissioning systems along with IBFT 2.0 and the smart contract features of Pantheon to create ioCash, a B2B payments transfer app.
This time we’re excited to write more about our new partnership with Refineryy, a startup based in London doing exciting work with real estate and Enterprise Ethereum.
If you’re already building with Pantheon and would like to be part of this series, or are building applications on Ethereum and would like to switch over, please get in touch!
Refineryy is a U.K. based startup digitising the lifecycle of loans secured against assets like Real Estate, Infrastructure, Shipping and Aircraft.
This is an area of debt capital markets largely untouched by innovation, and where blockchain creates the possibility of a shared platform infrastructure for the many parties involved.
Refineryy will be piloting their Commercial Real Estate finance platform later this year, with a range of lenders, borrowers, lawyers and other third parties involved too.
For those involved in the pilots, there is strong interest at the prospect of being able to break down silos, streamline processes, and ultimately create a liquidity spectrum for what is a largely illiquid asset class via the creation of regulatory compliant ‘digital loans.’
The Refineryy platform allows Lenders, Borrowers and other third parties to access one trusted source of loan data from when a loan itself is created, through to when it redeems.
That allows one shared technology platform that can be used by the many parties who interact with a loan over its lifespan. With business process automation embedded, there’s no longer a need for technology silos and needless data replication by multiple parties.
Secondly, it reduces the costs and risks associated with managing and reporting on a loan; the true state of the loan and the underlying asset are immediately retrievable on a permissioned basis, even by a regulator.
Thirdly, it opens up a range of secondary market possibilities. Loans can be priced more efficiently, and are built with an order book embedded. Our vision is for them to help redefine securitisation.
With a major pilot featuring Tier 1 banks coming in Q4, the regulator and others now confirmed, Refineryy has found a crucial partner in PegaSys. Our PegaSys team is dedicated to working with a true open-source mindset, taking frequent feedback on features necessary to work in such a stringent environment and patching bugs to ensure a successful pilot. The permissioning features of Pantheon are also key for the Refineryy team, which is necessary given the complexity of their use case and the fine controls needed when dealing with digital assets.
Whilst our original protoype used Quorum, the Pantheon team’s roadmap and responsiveness to our feedback was very persuasive.Dr Rodrigo Mazorra, CEO Refineryy
Having spent some time within ConsenSys, we’d seen first hand how PegaSys was developing and always had them in mind as a partner. Ultimately the combination of a robust Ethereum client in Pantheon, coupled with the Enterprise grade support were crucial factors for us.Having that high quality engineering team to call on, who are as focused as we are on Enterprise customers is a game changer.
As a member of the PegaSys Partner Program, Refineryy is also entitled to special technical content, closer collaboration on the Pantheon roadmap, and updates on Pantheon upgrades.
At PegaSys we heavily prioritize users and customers that are aiming for production. We bring a major commitment to work with those teams that are doing more than just a POC to dip their toe in the water – the power of a team of 65. For teams ready to go live, we offer the production support as well, a critical piece given the early nature of blockchain software.
If you’re interested in getting touch with the Refineryy team, contact them here.
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