FinToken XArchitectureInstitutional Lender
Institutional Lender
The Financial Conduct Authority (FCA)-authorised firm that funds confirmed receivables. Browser Single-Page Application (SPA) for treasury work, Representational State Transfer (REST) Application Programming Interface (API) for tech-led lenders who want to underwrite at scale. The lender is the only party who sees both the seller's economics and the on-chain token references — gated by their own authorisation status.
Flow map
| Step | What the lender sees | Channel | State event |
|---|---|---|---|
| L1 | Sign up, choose role | Browser | SUBJECT_CREATED |
| L2 | Onboarding (Know Your Business (KYB) on the firm, named directors, FCA permissions, designated settlement account, optional stablecoin opt-in) | Browser | ONBOARDING_SUBMITTED |
| L3 | Gates 1–3 + FCA permissions confirmed | RISK_PASSED + FCA_VERIFIED | |
| L4 | Welcome — concentration limits set, marketplace access | Email + dashboard | SUBJECT_ACTIVE |
| F1 | Discover · marketplace listing | Browser + API | — |
| F2 | Underwrite · price & pre-fund check | Browser + API | — |
| F3 | Fund · explicit approval, transfer initiated | Browser + API | INVOICE_FUNDED |
| F4 | Disbursement reconciled | Email + dashboard | ADVANCE_DISBURSED |
| F5 | Track · portfolio + days-to-maturity | Browser + API + webhook | — |
| F6 | Receive settlement · Great British Pound (GBP) fiat or USD Coin (USDC) | Browser + email | INVOICE_SETTLED |
Onboarding · L1–L4
3–10 business days end to end. Bottleneck is the FCA register check (continuous, but takes 24h to surface a register-status change) and the designated settlement account setup (banking-side onboarding outside FinToken X).
L2
ONBOARDING_SUBMITTED
Lender onboarding (Form C)
Six-step wizard at
/compliance/onboarding/lender. Heavier than seller — captures FCA reference, permissions scope, designated settlement account, named authorised representatives, optional USDC opt-in.🔒 app.fintokenx.uk/compliance/onboarding/lender
Pennine Asset Management LLP
Step 4 of 6 — Designated settlement account & concentration appetite
Designated settlement account
Disbursements leave from this account; obligor remittances land in this account; we never custody these funds.
Bank
Lloyds Bank public limited company (plc)
Account name
Pennine Asset Management LLP — Trade Finance
Sort code
30-95-12
Account number
22487719
Confirmation of Payee (CoP) match Verified · Open Banking Account Information Service (AIS) authorised Yes
Concentration appetite
Max exposure per obligor
£5,000,000
Max exposure per originator
£500,000
Tenor band
7–120 days
Discount band
2.0%–3.0%
Settlement currency
GBP fiat Selected
Faster Payments / Bankers' Automated Clearing Services (Bacs) into your Lloyds account.
USDC stablecoin (opt-in)
Settled on the FinToken X Network. Requires Chainalysis wallet screening on your treasury wallet.
L3
Gates 2–3 + FCA
FCA_VERIFIED
FCA + risk + Money Laundering Reporting Officer (MLRO) check
Caroline sees the same status surface that the seller sees, with an extra row for the FCA permissions verification.
🔒 app.fintokenx.uk/my-application
Application in review
FX-APP-77298 · Submitted 12 May 2026
Check
Provider
✓
Identity verification (named directors)
Sumsub
Passed
✓
Sanctions & Politically Exposed Person (PEP) screening
ComplyAdvantage
Clear
✓
FCA permissions & status
FCA Register API
Active · 432119
✓
Designated settlement account
Confirmation of Payee + Open Banking
Verified
✓
Risk score & MLRO sign-off
FinToken X
LOW · Approved
You're approved. Marketplace access is now live; concentration limits configured to £5,000,000 per obligor.
Per-receivable · F1–F6
For every confirmed invoice listed on the marketplace, the lender's flow has six steps. F1 and F2 are discovery + underwrite; F3 is the explicit funding click; F4–F6 are disbursement, tracking, settlement.
F1
Marketplace · /marketplace
Every confirmed receivable that fits Pennine's tenor + discount + concentration filters surfaces here.
FX-INV-23A4F appears the moment Tom Whitfield confirms it on the buyer side.🔒 app.fintokenx.uk/marketplace
Receivables marketplace
Confirmed receivables that fit your appetite. Refreshes live as new ones arrive.
Listed now
147
£2,184,200 face value
Avg discount on offer
2.4%
Available headroom
£81m
of £120m mandate
Concentration · top obligor
£3.2m
Northwind Retail · 64% of cap
Reference
Originator
Obligor
Face value
Discount
Tenor
Risk
FX-INV-23A4F
Coppergate Joinery Limited (Ltd)
Northwind Retail plc
£10,000.00
2.4%
60d
LOW
›
FX-INV-23B11
Stratton Logistics
Northwind Retail plc
£3,420.00
2.6%
60d
LOW
›
FX-INV-22Y91
Halton & Crane LLP
Yorkshire Schools Trust
£18,920.00
2.2%
45d
MED
›
FX-INV-22Y88
Marlow Print & Pack
Northwind Retail plc
£1,890.00
2.8%
60d
LOW
›
What's filtered out before this list: receivables that breach Pennine's per-obligor cap (Northwind exposure already at £3.2m / £5m, so further large invoices on Northwind are still surfaced but with a "would push you to 70% of cap" warning); receivables outside the tenor or discount band; receivables on obligors flagged in compliance lender-monitoring.
Risk grade is FinToken X's internal model output; the lender can also pull underlying inputs (buyer credit score, originator tenure, vision-pass artefacts) into their own model via the API — see F2 below. "Risk" column is allowed here per money-control rule 7 because the lender owns the credit risk.
Risk grade is FinToken X's internal model output; the lender can also pull underlying inputs (buyer credit score, originator tenure, vision-pass artefacts) into their own model via the API — see F2 below. "Risk" column is allowed here per money-control rule 7 because the lender owns the credit risk.
F2
Receivable detail · underwrite
Click into
FX-INV-23A4F. Caroline sees originator history, obligor history, the OCR-extracted invoice fields, the buyer-confirmation evidence, and a price calculator.🔒 app.fintokenx.uk/invoices/FX-INV-23A4F
FX-INV-23A4F · £10,000.00 · Northwind Retail plc
Originator: Coppergate Joinery Ltd · Tenor 60d · Maturity 21 Jul 2026
Originator · Coppergate Joinery Ltd
14 invoices financed · £142,420 cumulative · 0 disputes · 12 months on FinToken X · LOW risk
Standard Industrial Classification (SIC) 4332 · Yorkshire · 18 staff · Companies House (CH) 07452983
Obligor · Northwind Retail plc
142 invoices confirmed · £487,210 cumulative · 3 disputes (resolved) · 18 months on FinToken X
FTSE 250 · D&B 9A1 · CH 04382671
Buyer confirmation evidence
Confirmed by tom.whitfield@northwind.co.uk at 14:21 on 22 May 2026 from IP 92.40.171.•••. Page hash 0x7a2c…b811.
Pricing
Face value
£10,000.00
Discount rate
2.4%
£240.00 income
Net advance
£9,760.00
Override discount (within 2.0%–3.0% band)
2.4%
Lender visibility includes originator history, obligor history, the page hash of the buyer confirmation (audit-evidential), the OCR-extracted invoice fields, the lender's own per-buyer running exposure, the token reference (
What the lender does NOT see (per money-control rule 1): the seller's bank account number — they disburse to a FinToken X bankable virtual account that we route to the seller. The lender treats that virtual account as if it were the seller's; they never need to know the underlying.
Pricing override: within the lender's pre-set band only. A lender can offer better than indicative pricing to win the deal; they cannot price above their stated band without a re-onboarding step.
FXR-INV-23A4F) — and on the API surface, the on-chain contract address + tokenId.
What the lender does NOT see (per money-control rule 1): the seller's bank account number — they disburse to a FinToken X bankable virtual account that we route to the seller. The lender treats that virtual account as if it were the seller's; they never need to know the underlying.
Pricing override: within the lender's pre-set band only. A lender can offer better than indicative pricing to win the deal; they cannot price above their stated band without a re-onboarding step.
F3
INVOICE_FUNDED
Fund · explicit click
Per money-control rule 5, funding is manual. No countdown, no auto-execute. The button copies the rate and amount into a confirmation modal that requires re-typing the receivable reference.
🔒 app.fintokenx.uk/payments/new?receivable=FX-INV-23A4F
Fund FX-INV-23A4F
Final review before disbursement
You're paying
£9,760.00
Discount income
£240.00
Settles on
21 Jul 2026
Disburses from your designated settlement account at Lloyds Bank (•••• 7719). Once funded, the receivable token will be transferred to your wallet on the FinToken X Network.
Type the receivable reference to confirm
FX-INV-23A4F
Two-eyes confirmation can be enabled on your firm settings — see
/settings/security.
Two-eyes: opt-in per firm at
/settings/security. When on, F3 routes to a "pending second approver" state visible at /payments?status=pending_approval; a second authorised representative must sign off before disbursement fires. State: on disburse, the receivable record gains funded_by=, funded_at=…, discount_rate=2.4%, net_advance=9760.00 ; the token is transferred from the FinToken X mint wallet to the lender's wallet via an Ethereum Request for Comments 3643 (ERC-3643) transfer (which itself runs through the compliance modules).
F4
ADVANCE_DISBURSED
Disbursement reconciled
Confirmation that the £9,760 left Pennine's Lloyds account, FinToken X received it, and the seller-side credit (£9,660 net of platform fee) has been initiated.
FinToken X · transactional
FromFinToken X <noreply@fintokenx.uk>
Toc.beck@pennineam.co.uk
SubjectDisbursement acknowledged · FX-INV-23A4F · £9,760.00
Disbursement acknowledged ✓
Caroline,
Your disbursement of £9,760.00 against receivable FX-INV-23A4F has been received by FinToken X collections and routed to the originator. The receivable token FXR-INV-23A4F has been transferred to your wallet.
Posted to your FinToken X ledger. Track maturity, days to settlement, and accrued income at your portfolio.
F5
Portfolio · /portfolio
Caroline tracks the receivable through to settlement. The portfolio view is the only surface where outstanding exposure, available headroom, days past due, and discount income MTD are allowed (per money-control rule 7).
🔒 app.fintokenx.uk/portfolio
Outstanding exposure
£24,142,000
312 receivables
Available headroom
£95,858,000
of £120m mandate
Avg discount realised
2.42%
YTD
Discount income MTD
£187,420
+£42k vs Apr
Days past due (avg)
0.8
across portfolio
Receivables register
Reference
Originator
Obligor
Face value
Days to maturity
Status
FX-INV-23A4F
Coppergate Joinery
Northwind Retail plc
£10,000.00
60
Funded
›
FX-INV-22Z44
Stratton Logistics
Northwind Retail plc
£3,420.00
52
Funded
›
FX-INV-22A12
Coppergate Joinery
Northwind Retail plc
£8,400.00
0
Settled today
›
FX-INV-21Q88
Penzance Cold Chain
Devon County Council
£15,200.00
−7
5 Business Days (BD) past due
›
Recent postings · Designated settlement account
Date
Narration
Direction
Amount
Today
FX-INV-23A4F · disbursement
OUT to FinToken X
−£9,760.00
Today
FX-INV-22A12 · settlement
IN from FinToken X
+£8,400.00
Yesterday
FX-INV-22Z44 · disbursement
OUT to FinToken X
−£3,338.00
Read-only ledger. The portfolio view is a read-only surface — Pennine reviews, filters, exports. Postings come from FinToken X's reconciliation engine (Open Banking AIS feed of the designated settlement account, cross-checked with FinToken X's own ledger). The lender never edits postings here. Allowed metrics on this surface only: outstanding exposure, available headroom, days past due, discount income MTD, defaults YTD, full counterparty register, individual receivable ageing.
F6
INVOICE_SETTLED
Settlement received
On the due date, FinToken X collections receives £10,000 from Northwind, immediately onward-pays £10,000 to Pennine's Lloyds account, and burns the receivable token. Pennine sees the credit + the closeout email.
FinToken X · transactional
FromFinToken X <noreply@fintokenx.uk>
Toc.beck@pennineam.co.uk
SubjectReceivable settled · FX-INV-23A4F · £10,000.00 paid to your account
Receivable settled ✓
Caroline,
The obligor has paid in full. £10,000.00 has been remitted to your designated settlement account at Lloyds Bank (•••• 7719). Receivable FX-INV-23A4F is now closed and the token FXR-INV-23A4F has been burned on the FinToken X Network.
Posted to your FinToken X ledger.
Burn semantics: the ERC-3643 token is burned on settlement; the chain transaction hash is stored on the receivable record and exposed here. Burn fires only after the lender's onward-payment is confirmed (so we never burn a token that hasn't been paid out). If the lender opted into USDC settlement at L2: settlement leg is on-chain (USDC transfer to the lender's verified treasury wallet) instead of Faster Payments. Either way, the burn is the same.
API surface
Tech-led lenders use REST + webhooks instead of (or alongside) the browser. Same business rules, same audit trail, same gates. Authentication is mutual Transport Layer Security (mTLS) plus a per-firm API key created at /lender/api-keys.
List the marketplace
GET
/v1/marketplace?status=listed&tenor_max=120&discount_min=2.0
F1 · discover
// Headers Authorization: Bearer fxk_live_4Z… FX-Idempotency-Key: 9c2f4ab1-… // 200 OK { "data": [ { "reference": "FX-INV-23A4F", "token_reference": "FXR-INV-23A4F", "originator": { "name": "Coppergate Joinery Ltd", "ch_number": "07452983", "history": { "financed": 14, "disputes": 0 } }, "obligor": { "name": "Northwind Retail plc", "ch_number": "04382671", "credit_grade": "9A1" }, "face_value_pence": 1000000, "currency": "GBP", "tenor_days": 60, "maturity": "2026-07-21", "indicative_discount_bps": 240, "risk_grade": "LOW", "buyer_confirmation": { "confirmed_at": "2026-05-22T14:21:08Z", "page_hash": "0x7a2c…b811" }, "chain": { "contract": "0xfx3643…a1f", "token_id": 23147 } } ], "page": { "cursor": "eyJjIjo…", "has_more": true } }
Pence everywhere. Money is integer pence; never float. Token references on the API: the lender's API consumer is one of the few audiences allowed to see the chain contract address and token ID (per money-control rule 4) — they need it to settle on-chain (USDC) or to verify the on-chain compliance modules. Cursors are opaque base64; never page numbers (mutability under inserts).
Fund a receivable
POST
/v1/payments
F3 · fund
// Request { "receivable_reference": "FX-INV-23A4F", "discount_bps": 240, "net_advance_pence": 976000, "two_eyes_approver_subject_id": "sub_pen_g1k…" } // 201 Created { "id": "pay_5fz1qa…", "receivable_reference": "FX-INV-23A4F", "status": "DISBURSING", "disbursement": { "rail": "FPS", "expected_completion": "2026-05-22T14:24:00Z" }, "chain_transfer": { "tx": "0x…queued", "status": "PENDING" } }
Idempotency: always send
FX-Idempotency-Key. We replay-suppress identical requests for 24h. Two-eyes: if your firm has it on, omitting the approver subject ID returns 409 PENDING_APPROVAL; the second representative completes the call from their session.
Webhook · receivable settled
POST
https://lender.pennineam.co.uk/fx/webhook
F6 · settled
// Headers FX-Event: receivable.settled FX-Signature: t=1721555640,v1=… // Body { "id": "evt_h7vf…", "event": "receivable.settled", "data": { "receivable_reference": "FX-INV-23A4F", "settled_at": "2026-07-21T11:14:23Z", "face_value_pence": 1000000, "discount_realised_pence": 24000, "settlement_rail": "FPS", "settlement_reference": "NW-2107-FXC", "token_burn_tx": "0xa12c…ff04" } }
Signature: HMAC-SHA256 on
{timestamp}.{body} with the per-firm webhook secret. We retry with exponential backoff up to 24h on non-2xx responses; failed deliveries surface in /webhooks/logs visible to the lender's API admin.
Where it can go wrong
| Branch | What the lender sees | State | Recovery |
|---|---|---|---|
| Concentration breach attempted | F2 button disabled; tooltip: "would push your Northwind exposure to 102% of cap (£5.10m / £5.00m)". | — | Adjust the cap at /settings or wait for an existing receivable to settle. |
| FCA permission revoked (Gate 4) | Marketplace access frozen; portfolio remains visible read-only. | SUBJECT_FROZEN_FCA | Manual MLRO intervention; new disbursements blocked until FCA register confirms reinstatement. |
| Disbursement bounces back from FinToken X | Email + portfolio entry: "We couldn't apply your disbursement. Please re-initiate from /payments/ | DISBURSEMENT_FAILED | FinToken X ops re-routes; lender notified within 2 hours. |
| Obligor pays late · 5 BD past due | Receivable shifts to PAST_DUE in portfolio. FinToken X collections team kicks in. | PAST_DUE | FinToken X chases; lender's principal continues to accrue per the receivable's contract. |
| Obligor pays late · 30 BD past due | DEFAULT in portfolio. FinToken X invokes the platform's recourse pool (sandbox-phase only — see backend). | DEFAULT | Recovery handled per the lender's contract; in sandbox phase, FinToken X is liable for up to 1% of cumulative disbursed volume per default. |
| Obligor enters administration before maturity | Receivable shifts to OBLIGOR_INSOLVENT; lender notified immediately. | OBLIGOR_INSOLVENT | Token transfer is locked at the chain compliance module; recovery is filed against the obligor's administrators by FinToken X collections on behalf of the lender. |
| Disputed after funding | Receivable shifts to POST_CONFIRMATION_DISPUTE. Settlement may be delayed beyond maturity while compliance investigates. | POST_CONFIRMATION_DISPUTE | If dispute upheld against the seller (fraud), recovery from seller wallet + recourse pool; if dispute is buyer trying to wriggle out, FinToken X enforces obligation. |
432119) and verifies it carriescredit-related regulated activitypermissions. The check fires every 24h continuously after onboarding (Gate 4); a register status change opens an alert in compliance lender monitoring.Designated settlement account: per money-control rule 1, this is the only banking detail the platform handles for the lender. Disbursements leave it; remittances land in it. FinToken X never custodies funds here — we sit between as a directing party with read-only AIS visibility for reconciliation.
Concentration limits are stored as hard rules on the marketplace — receivables that would breach a lender's per-obligor or per-originator cap are not surfaced to that lender.