Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) said its wholly-owned subsidiary, Inverite Verification Inc has entered into an open banking software licensing agreement with Money Mate Limited, a Canadian financial services software solutions provider.
Inverite’s open banking software has signed 32 client licensing agreements since it was acquired by Marble in April 2021.
“We are pleased to license our unique open-banking solutions to MoneyMate, a leading loan software solutions provider with a large client base,” Lloyd Evetts, Inverite’s director of business development said in a statement.
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“Brick and mortar alternative lenders remain a popular option for the underbanked and unbanked populations, and the integration of our technology solutions into MoneyMate’s platform enables us to expand our reach to this growing demographic. We look forward to working with MoneyMate as they continue to scale within the Canadian alternative lending space,” Evetts added.
MoneyMate is one of the founders of the Independent Pay Day Loan Association of Canada. It provides cost-effective software solutions that are designed for Canadian alternative loan operators and currently services over 25 such clients with a combined 75 offices across Canada.
Its large user base means MoneyMate requires advanced fintech solutions to manage high transaction volumes. As a result, it has licensed Inverite’s open banking software verification solutions, which offer the most extensive connectivity to 286 financial institutions’ access points in Canada.
With an average processing time of less than one minute, Inverite’s solutions will enhance the robustness of MoneyMate’s existing products by enabling them to process highly granular financial information in near real time.
“MoneyMate is very pleased to have integrated the services of Inverite and obtain the underwriting adjudication their software provides,” said James Reid, founder of MoneyMate. “We see that our industry is rapidly growing an online presence and having the additional banking information afforded by Inverite brings us one step closer to being able to assist our online users not only with detailed banking information but also, risk analysis. Banking details and historical performance are critical factors in our lending parameters and Inverite fills that need.”
Marble Financial's proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score.
Contact the author at jon.hopkins@proactiveinvestors.com