beNEXT SmartLegal recently went live in the United States, partnering with innovative property lender, Urban Gate Capital to deliver loans using smart legal contracts.
Will Coleman, Principal at Urban Gate Capital, says they are already seeing the benefits of using the SmartLegal platform.
“It has become very apparent how much time the platform saves us whenever we have to do loans back-to-back. I really want to compliment you on the solution, and I look forward to extending and expanding its use in our business.”
The initial release has focused on the contract authoring and signing process. The next step is to include automated money transfers through banking integrations. This really starts to deliver on the promise of autonomous, smart legal contracts.
Abe Sahely, beNEXT co-founder and CEO, says “The success of this project in the U.S market is an important proof point demonstrating that the beNEXT SmartLegal platform has the flexibility to scale and address huge global markets.”
What is beNEXT SmartLegal?
beNEXT addresses a fundamental problem. Legal documents still behave like paper.
SmartLegal is a platform that totally reimagines legal contracts and documents as software. By decomposing the basic elements of legal documents – language, logic and data – into structured information and executable code, smart legal contracts can do amazing things. beNEXT smart legal contracts can digitally and autonomously interact with the world around them.
About The Company
beNEXT has developed a multi-party smart contracts platform that simplifies workflows in an easy to use app.
beNEXT identified property transactions, with their long chains of activity and many people involved, as broken. So, they signed a channel partnership with the Real Estate Institute of Victoria, replacing all the traditional leasing and sales PDF forms used by +4,000 member agents. The secure solution makes it all transparent, speeding up the process and minimises errors.
The beNEXT solution is now live and being used by agents in an exclusive trial. beNEXT is now looking for $500k to $1m in seed capital to accelerate the onboarding of REIV member agents and to capitalise on other property market opportunities.