Madiston plc today announces that its comprehensive software platform for person-to-person lending and borrowing is now commercially available.
Offering, perhaps, the most functional available in the world today, it is set to bring a new wave of competition and transparency to the borrowing, lending and savings market.
Licensees of the software will be able to create an online lending exchange for borrowers and lenders to come together in an open market that is convenient, transparent and capable of matching the best lending and loan deals.
There have been a handful of early entrants sparking the revolution in the online P2P personal and business loans industry, and the Madiston platform provides the technology base for more players to join the party.
The functionality and structure, setting the Madiston software apart, includes:
• Bidding market (open reverse auction) for lending and borrowing.
• Matching market (automated matching of lender and borrower requirements).
• Optional lenders' compensation scheme facility to reimburse those who suffer missed, late or defaulted payments.
• Email notification of all transactions and events (including loan requests approved, bids or matches made, Q & A's posted, loans accepted/declined, bids released, modification and withdrawal of loan requests).
• Accounts dashboard for lenders and borrowers.
• Deposits, withdrawals, loan disbursals and repayments via PayPal, credit & debit cards, bank transfer, direct debits/credits & BACS.
• AutoLend facility. Lenders have 5 portfolios & their skill may improve lending rates achieved.
• Facilities for market information and charts.
• Structure for a secondary market.
...with a plan to add functionality and new applications rapidly over the next few years.
Madiston plc was founded by Tim Simon, who has extensive experience of delivering successful applications to the Financial Technology marketplace as founder and CEO of Quotient plc and Mondas plc, listed on the London Stock Exchaange and AIM respectively. Tim has spent the last few years gathering a deep understanding of online crowdfunding and peer-to-peer applications, including the social lending and borrowing market. Madiston has developed this platform to improve upon the applications currently available, in readiness for the new era of peer-to-peer financial services.