Saturday, May, 25, 2019 08:16:10
  • The collaboration has been announced under the Spring Founding Industry Partners Program.

 

  • The partnership would be driving improved standards of data management to help resolve auto finance industry problems.

The General Motors Financial Company, Inc. (GM Financial), a Texas-based financial services company, has reportedly announced that it has entered into a collaboration agreement with blockchain startup, Spring Labs.

Reports cite, the collaboration comes under the Spring Founding Industry Partners Program (SFIP), which has been designed to drive improved standards of data management to help resolve auto finance industry problems such as synthetic identity fraud & identity verification.

According to a report by Forbes, the auto-lender would be joining the SFIP Program to work alongside Spring Labs as the company develops its blockchain-based products, with the first set of products expected to be rolled out into the markets by the first two quarters of 2019.

The Chief Strategy Officer of GM Financial, Mike Kanarios stated that as one of the biggest auto-finance providers and as captive finance unit for General Motors, the company is constantly making innovations to evolve its fraud detection & prevention capabilities to better protect & serve its dealers & customers. Kanarios further added that this collaboration highlights GM’s commitment & investment towards advancing these efforts & the company is thrilled to work along with Spring Labs as a SFIP Program member.

The SFIP program brings data furnishers, technology partners & financial institutions together to work on doing research and subsequently developing & implementing the Spring Protocol, the firm’s blockchain network, before its public launch. This network has been specifically designed to transform the way data & information are shared.

The CEO of Spring Labs, Adam Jiwan stated that the company is thrilled to collaborate with GM Financial to develop solutions on its network and resolve vexing economic issues like identity fraud. Jiwan further added that Spring Labs now looks forward to announcing other significant partnerships soon.

According to reports, the financial details of the collaboration agreement have not been unveiled yet.