00:01.020 --> 00:04.080 Johny Fernandez: The world is also changing from technology to 00:04.080 --> 00:08.100 world currency. Sometimes it's hard to keep up deBanked headed 00:08.100 --> 00:12.810 to Long Island, New York to chat with Velocity CEO, Jay Avigdor. 00:13.110 --> 00:15.360 Jay Avigdor: My name is Jay Avigdor. I'm the president and 00:15.360 --> 00:18.840 CEO here at Velocity Capital Group and Drag N Drop 00:18.840 --> 00:24.060 Technologies. And what we do here is we finance small 00:24.060 --> 00:28.170 businesses. And as well, we've created a technology to 00:28.200 --> 00:32.340 financially transact in multiple different sectors, not just the 00:32.340 --> 00:33.210 MCA space. 00:33.300 --> 00:37.050 Johny Fernandez: Avigdor started velocity back in 2018. Since 00:37.050 --> 00:39.870 then, he's incorporated more modern technology that's 00:39.870 --> 00:43.530 literally drag and drop, and a payment mechanism that utilizes 00:43.530 --> 00:44.640 cryptocurrency. 00:44.780 --> 00:47.810 Jay Avigdor: The program that we've created, basically, you 00:47.810 --> 00:51.110 drag and drop your documents, and it automatically extracts 00:51.110 --> 00:53.840 the data off the application and automatically pulls that data 00:53.840 --> 00:58.730 for you. And within about 10 to 15 seconds, you have a fully 00:59.030 --> 01:02.360 processed file, which includes a data scrape with the online 01:02.360 --> 01:05.360 website and your social media. It includes everything from 01:05.360 --> 01:07.550 again, the background, the court search, etc. 01:07.670 --> 01:09.740 Johny Fernandez: Avigdor says his plan is to integrate the 01:09.740 --> 01:13.100 program to more than two dozen companies. One of those 01:13.100 --> 01:16.970 companies is a title insurance company, the response was great. 01:17.310 --> 01:21.210 Jay Avigdor: Yeah the program is fantastic. He said we want to 01:21.210 --> 01:23.880 integrate it across the board across all of our offices, he 01:23.880 --> 01:27.510 said, we realized that because we're using this system, we're 01:27.510 --> 01:31.470 going to be cutting down on 35% of our overhead and our staff. 01:31.500 --> 01:34.290 So we just needed to understand what the savings were between 01:34.290 --> 01:37.290 what your program is providing, versus how much we're saving. 01:36.050 --> 01:39.290 Johny Fernandez: A total savings of $2 million a month. The new 01:39.290 --> 01:41.960 software also includes the Oscar program. 01:42.440 --> 01:46.460 Jay Avigdor: Oscar also tells us exactly the performance rate of 01:46.460 --> 01:49.670 the deals that performed or the didn't perform. So it gives us 01:49.670 --> 01:53.720 an insight of the past for you know, from the from the past 01:53.720 --> 01:56.990 underwriting to give us insight now for the current underwriting 01:57.050 --> 01:58.490 underwriting for the future. 01:59.030 --> 02:00.980 Johny Fernandez: A part of making the application process 02:00.980 --> 02:04.940 easier is making sure getting paid isn't a hassle. And people 02:04.940 --> 02:07.220 on both sides of the deal are good to go. 02:07.360 --> 02:09.820 Jay Avigdor: On the flip side. When I thought about that, I 02:09.820 --> 02:12.640 said, okay, the transactions are being verified, right? You have 02:12.640 --> 02:15.520 smart contracts, and all these things that are verifying the 02:15.520 --> 02:20.350 actual transaction. But who's verifying the user? Right? So I 02:20.350 --> 02:23.710 said, if we can implement our technology to verify the 02:23.710 --> 02:26.590 business and to verify the user, and then integrate that to 02:26.590 --> 02:30.190 verify the transaction, you could seamlessly transact from 02:30.340 --> 02:34.210 the initial, you know, drag and drop or the initial upload or 02:34.210 --> 02:37.300 the initial application automatically into the 02:37.300 --> 02:40.120 underwriting giving a pre approval. Then once the approval 02:40.120 --> 02:42.970 is good to go, you click send and automatically their wallets 02:43.120 --> 02:46.090 are connected and to confirm eventually transactions, either 02:46.090 --> 02:48.940 send the money or have them send you money etc. 02:49.020 --> 02:51.330 Johny Fernandez: Avigdor says there's also the payment side of 02:51.330 --> 02:54.810 the transaction, something he tried to find a solution for. 02:55.560 --> 02:58.830 His solution for faster payments, cryptocurrency 02:58.870 --> 03:01.420 Jay Avigdor: Paying a broker in cryptocurrency, which we put 03:01.420 --> 03:05.920 out, you know, with the bank, it's not rocket science, right? 03:06.010 --> 03:09.820 But it's something that, you know, if a commission can get 03:09.820 --> 03:16.120 paid in 30 seconds from the deal funding, versus the guy having 03:16.120 --> 03:19.420 to wait or the broker having to wait in the ISO as having to 03:19.420 --> 03:23.440 wait, you know, 24 to 48 hours to get their commission, right? 03:23.740 --> 03:27.730 It's an edge, right? Whether other people and other another 03:27.730 --> 03:31.870 funders might copy it, that's fine. But it's not rocket 03:31.870 --> 03:35.260 science. It's not proprietary, everyone can do it. It's taking 03:35.260 --> 03:39.760 the step forward to be not a pioneer, but just to be the 03:39.760 --> 03:44.020 person to take the next step in, you know, moving the thread and 03:44.020 --> 03:48.490 moving the needle into the the efficiency of the next level of 03:48.550 --> 03:53.710 of underwriting, of finance, and just assisting, you know, other 03:53.800 --> 03:56.230 industries in assisting them and their technology as well. 03:56.350 --> 03:58.360 Johny Fernandez: Avigdor explained how the crypto payment 03:58.390 --> 03:58.930 works. 03:58.960 --> 04:00.790 Jay Avigdor: The way I look at it is that if you're going to 04:00.790 --> 04:06.310 get $2,000 in crypto, or $2,000 in cash, right? There's actually 04:06.340 --> 04:09.220 zero downside to it, because what it comes down to is that 04:09.430 --> 04:11.380 you're getting it to your wallet, and then you take it 04:11.380 --> 04:13.570 from your wallet, and then you just cash it out to your bank. 04:13.720 --> 04:16.330 Right. So if that's really what you want to do it you can cash 04:16.330 --> 04:20.710 it out at any point in time. Or you can keep it in your crypto 04:20.710 --> 04:22.570 and you could exchange it for other cryptos and you can play 04:22.570 --> 04:24.070 with it, etc. It's really up to you. 04:24.700 --> 04:27.490 Johny Fernandez: And shared with me his plans to continue to make 04:27.490 --> 04:30.430 life easier for industries across the table. 04:30.890 --> 04:33.652 Jay Avigdor: Imagine I can go into a car dealership, this 04:33.715 --> 04:37.545 where the dream came where it's all tying together. Imagine I 04:37.608 --> 04:41.501 can go into a car dealership and say I like the red one in the 04:41.564 --> 04:45.457 corner. Yeah. And then within five minutes, have my background 04:45.520 --> 04:49.350 my credit everything else run through my programming and then 04:49.413 --> 04:53.432 input my wallet information for my crypto. Sign a smart contract 04:53.494 --> 04:57.073 or a crypto contract or a contract of a blockchain that's 04:57.136 --> 05:01.155 comfortable towards the end user or towards you know towards the 05:01.218 --> 05:04.734 dealership and once that's signed the dealerships gotten 05:04.797 --> 05:07.560 their pay here's your keys, have a nice day. 05:08.369 --> 05:10.550 Johny Fernandez: In Long Island I'm Johny Fernandez with 05:10.606 --> 05:11.390 deBanked News.