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FormFree Taps Amazon Web Services For Consumer Financial Identity Solutions

Navi Persaud
Oct 19, 2021
Photo of a person using a laptop and going through blockchain tech. Credit: iStockphoto.com/NicoElNino.

FormFree will use Amazon's blockchain technology to manage its latest consumer Financial DNA solution and its newly introduced FormFree Exchange.

FormFree, which specializes in direct-source digital financial verification, leverages cloud computing technologies to deliver secure solutions for lenders and partners throughout the United States.

FormFree will leverage AWS technologies such as Amazon Managed Blockchain to create a scalable Hyperledger Fabric network to deliver its Passport Token and vision of commoditizing borrowers’ and credit providers’ interests using non-fungible tokens (NFTs) in the FormFree Exchange (FFX). FormFree says the new Exchange is a marketplace solution that gives consumers control of their lending interactions. Blockchain maintains the proof of truth as consumers use FFX to safely and securely share their verified Passport Token with prospective credit providers.

The adoption will also help FormFree deliver financial data to U.S. housing finance agencies by leveraging AWS’s expertise in the federal government and housing finance sectors.

FormFree's chief technology officer Brian Francis said that each consumer’s unique Passport NFT puts them in control of who can see their financial information. He also added that lenders can instantly get matched with leads that are not only qualified based on the consumer’s level of interest but also verified based on the degree of fit between the consumer’s financial profile and the lender’s offerings.

Published
Oct 19, 2021
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