Marble Financial Becomes a Member of the Financial Data and Technology Associations (FDATA) To Support Its Open Banking & Data Privacy Strategy
VANCOUVER, British Columbia, July 16, 2021 (GLOBE NEWSWIRE) — Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) (“Marble” or the “Company”), an AI-driven financial technology company that educates and helps Canadians better understand and manage their current cash flow and credit towards a better financial future, is pleased to announce that it has joined as a member of the Financial Data and Technology Association (“FDATA”). FDATA 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, has leveraged customer-owned data for strategic data science initiatives that are strictly for the benefit of members through products and services that empower everyday Canadians that are excluded from major financial institutions. With credit and banking data for almost one million consumers, Marble 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 this extensive state-of-the-art security program and SOC 2 Type 1 standards, the Marble and Inverite technology solution are incredibly robust. By joining FDATA it empowers Marble to continue to uphold and improve these industry-leading standards through forwarding intelligence on crucial policy matters, changes, and trends.
Despite some major banks making it harder for Canadians to access a comprehensive overview of their financial data, Open Banking 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, innovative financial technology like 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 absolute choice to select their service provider and in doing so, advocates on behalf of Marble and Inverite as they work with government, policy makers, and regulators to implement best practices to promote healthy competition. Marble and Inverite are committed to improving the speed, security, and scale of service. From technical standardization to access to data to fair processes that encourage innovation and customer choice, FDATA is committed to promoting customer-centric regulation built on honest and ethical Open Finance for both consumers and those organizations delivering financial services.
“Now more than ever, Canadians can benefit from innovation in financial technology to improve their personal finances,” says Lloyd Evetts, Inverite Director of Business Development. “An open, transparent, consumer-directed finance framework is the best way to achieve that goal, and we are excited to work together with FDATA and policymakers to establish open banking regulations that allow everyone to participate and innovate in a healthy, competitive, financial marketplace.”
“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,” says Karim Nanji, Marble CEO. “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.”
“We are making incredible strides toward a customer-directed finance system in Canada and are excited to have Marble Financial join our community,” said FDATA North America Executive Director Steve Boms. “Coming out of this pandemic, it’s necessary that individuals, families, and small businesses have the ability to access and leverage their own financial data for their own benefit. Policymakers must make it easier for consumers to find and determine the best products and services to fit their goals. Implementing an open banking regime in Canada will help Marble meet its mission to empower Canadians and optimize their credit wellness.”
About FDATA The Financial Data and Technology Association is a not-for-profit representing FinTech’s operating in Open Banking and Open Finance. We work with government, policy makers, and regulators to implement a fair and ethical competitive landscape that promotes competition, innovation, and better consumer outcomes. Our members provide innovative financial applications and services that empower consumers to make better financial decisions and take fuller control over their financial lives. For further information about FDATA, please visit: https://fdata.global/
About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) Marbles’ proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Inverite, Score-Up, Fast Track and Maestro to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score, since 2016, Marble is proud to have empowered thousands of marginalized consumers to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the MyMarble Platform.
For further information about Marble Financial, please visit: https://mymarble.ca
Mike Marrandino, Executive Chairman
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This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guaranteeing of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Marble, are forward-looking and involve risks and uncertainties. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
