Marble's Inverite AI Platform Achieves New Monthly Transaction Record in August
- Inverite Verification sets new monthly transaction record with a 17% increase in volume
- Total unique Canadian customer profile exceeds 3.3 million, demonstrating industry acceptance
- Inverite's services contribute to the company's revenue growth
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Marble Financial Inc. (CSE: MRBL) (OTC PINK: MRBLF) (FSE: 2V0) ("Marble" or the "Company"), an AI-driven financial technology company, is pleased to announce that its wholly owned subsidiary, Inverite Verification Inc., a leading provider of instant online verification solutions for lenders, achieves new monthly record-breaking transactions for August 2023.
During the month of August, Inverite Verification's transaction volume set a new monthly record, with a
"Given the ongoing challenging financial times of high interest rates and inflation, Inverite continues to contribute growth in the Company's top line revenue and the acceptance by the alternative lenders in Canada. Inverite service offerings are providing value in their decision-making and adjudication process, in particular, our Inverite Score assists lenders in determining the likelihood to pay and probability of default, which is extremely positive for our AI and Data Science initiatives," said Karim Nanji, CEO of Marble Financial
Inverite offers a solution for alternative lenders, incorporating real-time identity verification and bank account validation tools, which allows lenders to achieve a timely and accurate assessment of loan applicants. The platform's design prioritizes both the efficiency of the verification process and adherence to regulatory standards, ensuring a smooth approval and onboarding procedure for customers.
Inverite's Confidence Score, an advanced AI-driven metric, gauges the propensity of customers to fulfill their payment commitments or default. By benchmarking this Score against the performance of short-term loans, it offers alternative lenders a refined insight into a borrower's payment probability. This tool proves invaluable for lending institutions specializing in short-term loans, enabling them to strategically segment their portfolios and spotlight borrowers with the minimal risk of default. Integrated into the loan adjudication framework, this data empowers lenders to make well-informed decisions, aiming to diminish default rates.
About Inverite Verification Inc., 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. Inverite operates a cloud-based SaaS platform such that its technology solutions can be integrated into customer systems. Inverite currently offers three SaaS services to customers, namely, Bank Verification, ID Verification and Confidence Scoring. Inverite currently services 100 active alternative lenders that can access data from 286 Canadian financial institutions and offers multiple application programming interfaces to access up to one year of user financial data in seconds for its bank verification service, and has plugins available for most popular e-Commerce platforms, including WooCommerce and Shopify.
For further information about Inverite Verification, please visit: inverite.ca.
About Marble Financial Inc. (CSE: MRBL) (OTC Pink: MRBLF) (FSE: 2V0): Marble is a leading provider of software-as-a-service (SaaS) solutions that empower businesses to acquire and use real -time financial data to better transact with consumers. Along with enabling smarter marketing ROI for partners seeking increased conversion rates to those consumers that require further monitoring, predictive financial recommendations, and guidance to rehabilitate them to transact in the future. Utilizing Marble's proprietary and proven artificial intelligence data-driven technology platforms, Inverite, Accumulate.ai and MyMarble, businesses and consumers are empowered in real-time, access to a 360 financial profile that includes credit and banking data. Marble leverages machine learning, artificial intelligence, predictive financial recommendations, risk scores and open-banking strategies to put the power of financial data into the hands of businesses and consumers, promoting more robust relationships and higher intent toward future engagements.
For further information about Marble Financial, please visit: mymarble.ca.
Mike Marrandino, Executive Chairman
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Cautions:
Neither the Canadian Securities Exchange nor its regulations services providers have reviewed or accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and information ("FLSI") within the meaning of applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans, intentions, estimates, forecasts, projections, guidance or other similar statements and information that are not historical facts. FLSI is subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and is based on assumptions, the occurrence or inaccuracy of which, as the case may be, could cause actual results to differ materially from those indicated or implied in FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company believes that the expectations reflected in any FLSI in this news release are reasonable at the present time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is expressly qualified in its entirety by this cautionary statement. Any FLSI in this press release is made as of the date hereof and the Company undertakes no obligations to publicly update or revise any FLSI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
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