GM Financial, GM’s credit subsidiary, announced on Monday it has formed a new partnership with fintech Spring Labs as part of the Spring Founding Industry Partners (SFIP) Program, which is looking to improve data management standards in order to help the auto finance industry prevent identity fraud.
According to the duo, The SFIP program brings together financial institutions, data furnishers and technology partners to collaborate on research, development, and implementation of Spring Protocol, the company’s blockchain technology network, prior to its public launch. Ultimately, this network is designed to transform how information and data are shared globally. Speaking about the partnership, Mike Kanarios, Chief Strategy Officer at GM Financial, stated:
“As the captive finance arm for General Motors and one of the world’s largest auto finance providers, we are continually innovating and evolving our fraud prevention and detection capabilities to better serve and protect our customers and dealers. Today’s announcement underscores our commitment and investment to advance these efforts, and we are pleased to collaborate with Spring Labs as a member of the SFIP program.”
Adam Jiwan, CEO of Spring Labs, went on to add:
“We are excited to partner with GM Financial to create solutions on our developing network to address vexing economic problems such as identity fraud. We look forward to announcing additional significant partnerships in due course.”