Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) said it has forged a licensing agreement dated April 26, 2022, with thirdstream to bring its artificial intelligence (AI) driven financial technology solutions to the over 50 banks, financial services, and insurance (BFSI) companies on thirdstream's platform.
Founded in 1997, thirdstream has around 50 BFSI clients, who together serve over 6.4 million Canadian consumers. Marble said thirdstream presents an extensive and expanding ecosystem supporting financial institution needs for online and in-person account opening, onboarding, identity verification, and automated decisioning.
It noted that thirdstream’s client base includes Laurentian Bank, Canadian Western Bank, Coast Capital Savings, WFCU Credit Union, Home Trust Company, and Coastal Community Savings among others.
Marble said thirdstream’s open Application Programming Interface (API) platform design enables rapid onboarding, thorough fraud prevention and remote identity verification, resulting in a high volume of application approvals.
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"Our relationship with Marble Financial provides our clients with advanced solutions, helping them present leading financial products and services to consumers across Canada," thirdstream CEO Keith Ginter said in a statement. "Based on the positive feedback from clients we consulted, we are confident this is a track that will be enormously beneficial to clients.”
Ginter noted that Marble is helping the company provide “depth” in areas critical to financial institutions.
“We see opportunities for our clients and our partners, which today include Central 1 and ebankIT, both with expanding client bases in Canada today," he added.
Following the licensing agreement, Marble will license both its Marble Connect API and the Inverite platform to thirdstream. This will allow thirdstream to “enhance its platform ecosystem and technology solutions” for BFSI clients, said the company.
The Marble Connect API will represent a new solution on thirdstream's platform, providing thirdstream's BFSI clients with both internal data insights and benefits for their end-user customers. Marble's AI-driven solutions will provide BFSI companies with more informed insights on risk and tools to assist with customer retention, said the company. BFSIs can then attract new consumers, as well as better support existing account holders, and in the case of credit unions, existing members, through access to the new consumer solutions offered on the MyMarble platform.
Marble Connect will give thirdstream's BFSI clients access to the MyMarble platform, which they can extend to their account holders and members, without Marble having to bear major marketing costs. Marble's intuitive software provides valuable tools for people seeking personalized financial guidance to achieve key financial goals around budget and cash flow management and debt reduction.
The company said thirdstream will also offer Inverite's business-to-business (B2B) instant banking verification solutions to its BFSI clients for Know-Your-Client (KYC) capabilities. Inverite's technology provides connectivity to 286 financial institutions' access points, helping Inverite provide financial institutions with instant verification for faster decision-making and seamless loan transaction processing.
Marble CEO Karim Nanji said: "We are extremely pleased to enter into this robust licensing agreement which encompasses all our products and solutions. We anticipate that licensing arrangements with thirdstream will expose our technology solutions to thirdstream's impressive list of 50+ BFSI clients, and, by extension, the 6.4 million consumers those clients serve.”
Nanji believes the relationship will “support the firm’s revenue growth initiatives” by providing the potential to add a significant number of new users to the MyMarble platform, as well as adding new Inverite clients.
“Since launching Marble Connect, we are pleased with the traction it is getting as evidenced with several new licensing partners added, and thirdstream represents another significant partner choosing both our Connect and Inverite technology solution," the Marble CEO added.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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