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Finance, Securitization, & Smart Contracts

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Finance, Securitization, & Smart Contracts Building the New Economy of Movement FINANCE, SECURITIZATION, & SMART CONTRACTS Business White Paper June 2021 MOBI FSSC0001/WP/2021 Version 1.0 Authors INTRODUCTION Howard Altarescu, Orrick Phil Masi, BMW Bank Chris Ballinger, MOBI S. Chris Min, Orrick Joe Bannon, KAR Global Daniela Novaro, Reply The Mobility Open Blockchain Initiative is a global, multi- Michelle Corson, On the Road Lending Eric Pilat, Altaventure David Eddy, D.E. Consulting Andrew Smith, TQ Tezos stakeholder project working to co-design standards based Josh Fodale, Ford Credit Tram Vo, MOBI on distributed ledger technology for connected mobility Griffin Haskins, MOBI Marguerite Watanabe, MOBI Tu Le, USAA ecosystems. The project engages stakeholders across the transportation value chain, including vehicle FSSC Working Group Co-Chairs manufacturers, technology solution providers, Howard Altarescu, Orrick governmental, and non-governmental entities. This report Anthony Salamone, RouteOne is based on numerous discussions, workshops, and research. Opinions expressed herein do not necessarily FSSC Working Group Team Members reflect the views of individual members or the companies Toby Box, Quant Network S. Chris Min, Orrick with which they are affiliated. Joe Bannon, KAR Global Charlie Moore, Global Debt Registry Anne-Sophie Cartray, ConsenSys Daniela Novaro, Reply Michelle Corson, On the Road Lending Eric Pilat, Altaventure Launched in March 2020, the MOBI Finance, Securitization, David Eddy, D.E. Consulting Dan Simerman, IOTA and Smart Contracts (FSSC) Working Group (WG) strives to Josh Fodale, Ford Credit Andrew Smith, TQ Tezos Don Ho, Quantstamp Jamie Solomon, Accenture improve accuracy and transparency, create operational Tu Le, USAA David Wattebled, Quant Network efficiencies, minimize fraud risks, and save on costs and Phil Masi, BMW Bank time in the execution of financings, including securitizations, for all entities in the financing lifecycle. MOBI Team Chris Ballinger, Co-director + Founder Griffin Haskins, Fellow Sincere thanks are extended to those who contributed their Tram Vo, Co-director + Founder Kelly Clark, Communications Manager Marguerite Watanabe, Working Group Lead Grace Pulliam, Communications Associate unique insights to this report. Robin Piling, Technical Lead 01 Executive Summary 03 The FSSC Standard 07 FSSC Use Cases Know Your Customer (KYC) Requirements Dealer Floorplan Financing Dealer Floorplan Auditing TABLE OF A Blockchain Foundation for Securitization Verifiable Credentials in the Loan Application Process Digitization of Manual Processes with Smart Contracts Loan Servicing Issuance and Investor Impact Reporting for Green Bonds CONTENTS V2X and Securitization Non Risk-Based Credit Fractional Ownership of Mobility Assets 25 Conclusion 26 Bibliography The vehicle finance Most of these retail and commercial finance contracts are ecosystem has many pooled, packaged into Asset Backed Securities (ABS), and components that can be financed by third-party investors in a process called characterized as trust securitization. Blockchain has the potential to reduce risks and services. Blockchain has the potential to radically improve, costs associated with the financing of vehicle loans, including or even fully replace, many of the securitization process, improve visibility of asset values and Executive these trust services. to replace the trust services currently in place. Blockchain and related ledger technologies have the potential to make the trust service function significantly more efficient, Summary transforming the role of financial intermediaries and delivering value to downstream businesses and consumers. Many processes within the vehicle and mobility industry will benefit from the standardization and digital efficiencies that blockchain enables. Our financial system - including banking, auditing, MOBI’s FSSC Working Group The Mobility Open Blockchain Initiative’s Finance Securitization was created to accelerate the and Smart Contract Working Group (FSSC) was created to accounting, and many other components that can be impact of blockchain and accelerate the adoption and value creation from blockchain related technologies on many characterized as “trust services” - underlies markets for areas in the vehicle finance and related technologies, including smart contracts in the goods and makes all non-barter trade possible. The ecosystem. The FSSC mobility ecosystem as applied to consumer and dealer floorplan Working Group considered lending and financing. financial system is a network of trust services that both B2B and B2C use cases together permit markets to function efficiently. These in its investigation. This white paper will overview a variety of use cases that were considered by the FSSC WG. The Working Group considered trust services are quite expensive - transaction fees both B2B (business-to-business) and B2C (business-to- alone are estimated to account for almost 1% of global consumer) use cases, and each section of this paper focuses on 1 economic activity. B2B and B2C use cases separately. 1. “The Social and Private Costs of Retail Payment Instruments: A European Perspective”, In the US, almost 90% of new car purchases and more European Central Bank Ecosystem, September 2012, 2 “https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp137.pdf” than 50% of used car purchases are financed. Vehicles 2. “Automotive Industry Insights Finance Market Report Q4 2020”, Experian, March 2021, on dealer lots are likewise financed. https://www.experian.com/content/dam/marketing/na/automotive/quarterly- webinars/credit-trends/2020-quarterly-trends/v2-2020-q4-state-automotive- market.pdf © 2021 MOBI — FSSC Business White Paper 2 THE FSSC STANDARDS Modern vehicles and trucks are increasingly connected, intelligent, interoperability. Truly exciting advances become possible when we endowed with large amounts of computing power, and have a wide are able to seamlessly and easily share data with each other, with range of sensors that can capture data about the vehicle and its the necessary shared functionality assured. These abilities are surroundings. Connected vehicles are beginning to dominate global called data interoperability and functional interoperability; both are roadways, and the mobility industry has quickly focused on how difficult to achieve at scale. Within the vehicle finance ecosystem, newly available data from those vehicles can be used to power there is very little interoperability between the siloed data systems exciting new applications. However, there are some major barriers of the participants. Lenders, rating agencies, servicers, OEMs, to fully actualizing the value of these developments. Most notably, vehicle dealers, and other organizations operate almost entirely with the organizations and companies that would utilize vehicle data a siloed model, and most still rely heavily on trusted third parties to operate entirely within data silos, and integrating their closed mediate and manage multiparty processes. systems with external partners or data sources necessitates building costly integrations every time. As a result, any The staying power of trusted third parties is no accident - financings coordination or data sharing occurs bilaterally, but such a one-to- of all kinds are subject to regulation, scrutiny, and potential liability, one approach does not lend itself to scalability, transparency, often necessitating the use of trust services. For example, in vehicle openness, or economic efficiency. loan securitizations, a third party is often required to carry out various functions, including servicing and trustee responsibilities Executing multi-party applications requires that each party is able such as receiving funds and distributing payments to various parties to communicate and coordinate actions. In other words, multi-party according to a waterfall structure. Such a third party is providing a systems require that each participant’s system have a degree of trust service. 3 © 2021 MOBI — FSSC Business White Paper © 2021 MOBI — FSSC Business White Paper 4 The FSSC Standards Blockchains provide a trust Blockchain, ultimately, provides a trust layer, in that it provides a value is tied to the level of adoption and the number of layer, where the trust arises secure avenue for stakeholders to authenticate each other’s stakeholders. The diversity of features and range of feasible use from the immutability and identity and to immutably record their secured information and cases of a distributed ledger system are thus married to its transparency of data on the to securely expose such information to other permissioned network effects. Such network effects grow as adoption grows chain, as well as the shared governance of distributed stakeholders. For example, instead of using a costly third party, over time. ledger systems. a smart contract can disburse funds according to a pre-defined and agreed upon waterfall structure. All parties can trust in the The core services and logical The FSSC Standard’s main components - core services and schemas prescribed by the accuracy of the payments, as everything is transparent on chain. logical schemas - provide the structures required for creating FSSC Standard are key for and scaling multi-party applications, allowing communication Ultimately, the ability to trust arises from the immutability and creating and scaling multi- and collaboration between the siloed ecosystems of each transparency of data on the chain and the shared governance party applications and of distributed ledger systems.
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