- Marble’s (MRBL) Inverite signs open banking software licensing agreement with MoneyMate
- MoneyMate requires advanced fintech solutions to manage high transaction volumes
- Inverite’s solutions will enhance the robustness of MoneyMate’s existing products by enabling them to process highly granular financial information quickly
- Currently, Marble’s Inverite’s open banking software has signed 32 client licensing agreements
- Marble Financial Inc. (MRBL) is trading at C$0.11 at 12:10 pm EST
Marble Financial (MRBL) has signed a software licensing agreement with Money Mate Limited, a Canadian financial services software solutions provider.
MoneyMate is very proud of its Canadian heritage and ownership, their 18-year history in the loan industry and are one of the founding directors of the Independent Pay Day Loan Association of Canada.
They provide cost-effective software solutions that are designed for Canadian alternative loan operators and currently service over 25 such clients with a combined 75 offices across Canada.
With a large user base, MoneyMate requires advanced fintech solutions to manage high transaction volumes.
As a result, MoneyMate has licensed Inverite’s open banking software verification solutions, which offers 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.
“We are pleased to license our unique open-banking solutions to MoneyMate, a leading loan software solutions provider with a large client base,” said Lloyd Evetts, Director of Business Development with Inverite.
“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.
Reid went on to say, “[…] we are now getting into the online lending model, where the number of loans being processed is higher as compared to brick-and-mortar stores. That said, MoneyMate’s brick and mortar clients issued slightly more than 14,000 loans in the last 12 months.”
Currently, Marble’s Inverite’s open banking software has signed 32 client licensing agreements since it was acquired by Marble in April 2021.
MoneyMate’s mission is to empower its clients by providing a compliant, flexible, web-based platform that can be streamlined for their individual needs.
Inverite, a Canadian open banking and consumer-directed finance provider offers banking verification solutions to the financial services industry for income verification, credit decisioning, fraud reduction, and know-your-client/anti-money laundering purposes.
Marble’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, Boost and Learn to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score.
Marble Financial Inc. (MRBL) is trading at C$0.11 at 12:10 pm EST.
