2019 MIT Fintech Buildathon | Organized by the MIT FinTech Club, with sponsorship from the Financial Industry Regulatory Authority (FINRA) and Deloitte
2019 MIT Fintech Buildathon | Organized by the MIT FinTech Club, with sponsorship from the Financial Industry Regulatory Authority (FINRA) and Deloitte
Jacob Khan
Leo Kuliyev
Perak Shah
Chirag Shah
Tracie Gordon
Umit Sami
Chirag Shah
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2019 MIT Fintech Buildathon | Organized by the MIT FinTech Club, with sponsorship from the Financial Industry Regulatory Authority (FINRA) and Deloitte
1. inVest
Challenge #2 – Investor Onboarding
Team HUSKY VERITAS
Leo Kuliyev (Citi group)
Jacob Khan, Vadim Keffler, Prerak
Shah, Chirag Shah, Tracie Gordon, Umit
Sami, Chirag Shah,
2. The Problem
●Duplicated manual investor onboarding process
●Information exchange is not instant
○ e.g. security alerts
○ information updates
●Resources wasted on customer due diligence
3. Proposed Solution – The inVest
● Basic Information
● OFAC
● AML
● US Patriot Act
● Credit Rating
● Biometrics
● Blockchain based to enhance
security and traceability – creating
immutable data
● Push and pull of information with
every update
● Self-Updated User Information to
avoid penalties
4. Benefits to Stakeholders
INVESTORS
LENDERS
BROKERS FINRA
Improved Stability
Reduction in the
Systemic Risk
Reduced Time to Onboard
Feeling of Self Control
(Investor in control of
information sharing)
inVest is Secure
Streamlines process
(Cuts Time)
Banks share rating
(Consensus)
Real-time Suspicious Activity
Alerting & Reports
(Red flags)
5. Prototype Demo
● Bank A adds information about the customer into
the ledger
● Bank B pulls information following consent from
the customer
● Bank B raises a red-flag on the Customer and Bank
A and B get an immediate notification