Marble Financial Inc (CSE:MRBL) (OTCMKTS:MRBLF) (FRA:2V0) has joined the Financial Data and Technology Association, which provides its members with a collective seat at the industry negotiation table on several policy working groups, expert advisory groups, and task-forces related to open banking.
Since 2016, Marble and its identity and bank verification subsidiary Inverite have leveraged customer-owned data for strategic data science initiatives strictly for the benefit of members through products and services that empower everyday Canadians excluded from major financial institutions.
Marble noted that it and Inverite ensure industry-leading, up-to-date consent protocols that are user-friendly, secure, and flexible, giving members complete access and control to their credit and banking data through an extensive state-of-the-art security program and SOC 2 Type 1 standards.
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By joining FDATA, Marble said that it will be empowered to continue to uphold and improve these industry-leading standards through forwarding intelligence on crucial policy matters, changes, and trends.
The company said open banking -- a secure way to give providers access to one’s financial information to get the best deals -- is well underway in Canada with the government's Open Banking Review Report, with 3.5 to 4 million consumers already sharing their financial data with third-party financial service providers.
As open banking initiatives continue to gain traction, Marble and Inverite are well-positioned to deliver personalized products, apps, and services based on consumer-permissioned data.
In leading the campaign for open banking, FDATA advocates for the end consumer’s choice to select his or her service provider and in doing so, advocates on behalf of Marble and Inverite as they work with government, policymakers, and regulators to implement best practices to promote healthy competition.
Marble said it and Inverite are committed to improving the speed, security, and scale of service -- and FDATA is committed as well to promoting customer-centric regulation built on honest and ethical open finance.
“Supporting and actively taking part in implementing a secure open finance and banking infrastructure in Canada is a necessary step to empowering consumers to achieve smart financial goals,” said Marble CEO Karim Nanji in a statement.
“It’s time for Canada to collectively move away from the archaic reliance on void cheques and banks statements and modernize on AI and data-driven services like MyMarble and Inverite to improve the customer experience when it comes to financial services. Open Banking will enhance and improve these consumer experiences not at Marble but across the whole financial industry, and we’re extremely excited to join FDATA and be a part of the future transformation.”
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