Quarter Three 2019 Update

Invox Finance
Oct 3, 2019 · 3 min read

I’d like to start by thanking our amazing community for their ongoing support and their continued engagement in the development of Invox Finance. Whether you have engaged with us through our socials, via email or by participating in the Invox Community Club (“ICC”) we are greatly appreciative. A huge thank you must also go to the entire team at Invox Finance for the countless hours of tireless work that they have put in to ensure we have continued to keep to our timeline and continue to deliver on our vision.

As we have said before, we are very proud of the fact that we are on time with our roadmap as outlined in our whitepaper and on our website through to today. As outlined, we’re excited to share a video update on using the Invox Finance platform on mobile below.

Having a way for busy small business owners to access and efficiently use the Invox platform is key to ensuring a great user experience. Over the past quarter, we have also been tweaking the desktop platform to improve both the user experience and interface. A lot of this quarter’s changes came directly from our community via the ICC questionnaire. This included, but was not limited to, displaying different types of data/charts, adding new fields to invoices to be in line with all manner of industry norms, as well as dramatically improving the overall user experience. Those that have worked in the ICC will be provided with their Invox Tokens in Q4 of this year. We will also be announcing the next questionnaire in the near future.

Just as important have been the extensive internal testing processes that the team has been rigorously undergoing to ensure that we create a product to the highest quality standards. This included going through 40 iterations of the platform throughout Q3, “squashing” 100s of bugs and pushing past the 1,000th block to our hyperledger blockchain. While a lot of attention has already been given to testing the platform internally there is still more testing to be done. This will include onboarding a select few beta users from ABR Finance to test a live version of the platform in the coming months.

The team is proud to say that the platform has all hyperledger integrations completed. Most importantly, this includes the management of user identities through an integrated google login. It is key that the SME owners and investors on our platform, who aren’t generally crypto-savvy, use our platform in a seamless fashion. This was no small task and a big thank you goes out to our dev. team for delivering this both on time and on budget.

Once testing has been finalised both internally and externally, and the platform is live meeting all regulatory requirements, the next milestone for Invox will be to improve the platform to aid non-crypto savvy users to simply and easily perform ERC20 transactions to obtain Invox tokens within the platform (via an API or directly through an open market).

On the commercial side of the project we are in the process of finalising an agreement with a large accounting software provider. We’re also excited to announce that we will be partnering with CreditorWatch. They will be providing us with credit reports, KYC, ABN verification, and bad debt information for both sellers and buyers. The integration with CreditorWatch will greatly increase the quality and quantity of data that is used within the platform and provide continuous monitoring and alerts. That is, we will be able to better assess the risk of each invoice and in turn provide more funding to SMEs. Additionally, we are negotiating with a number of investor groups for wholesale investor funding for loan liquidity. This together with the sellers we have lined up for live testing will provide a launchpad for Invox’s entry into the market. We once again thank the community for their support. We’re proud to have kept to our roadmap and delivered on all aspects of the platform to date. Our focus going forward will be to test the platform rigorously and move towards our goal of a soft launch in 2020.