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General Motors Financial Company, Inc. – an operational wing of General Motors that provides customers finance and lending-related products and services – announced a new partnership with a blockchain-based company called ‘Spring Labs.’
The initiative was carried out as part of Spring Lab’s Spring Founding Industry Partners (“SFIP”) Program, which is aiming to utilize an improved data management standard to eliminate critical issues, i.e. identity verification and synthetic identity fraud, faced by the auto finance industry.
Spring Labs (Springcoin Inc.) is a crypto-technology company developing a blockchain-powered network called Spring Protocol that will help to streamline the exchange of valuable data between various network participant companies without sharing the underlying source data. Through Spring Founding Industry Partners (“SFIP”) Program, Spring Labs is trying to bring major financial institutions, data furnishers, and technology partners together on the company’s blockchain technology network – the Spring protocol. This spring platform is designed to revolutionize how critical information and data are shared around the world.
Adam Jiwan, CEO of Spring Labs said:
“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.”
This latest collaboration of GM Financial Company and Spring Labs will help GM to bring unique blockchain products and offerings alongside improved prevention and detection capabilities in the auto finance market. Mike Kanarios, Chief Strategy Officer at GM Financial said:
“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.”
Appreciating the collaboration, Mike Kanarios further said that the company is true to its commitment of advancing the efforts to protect the customers & dealers from fraud by improving the company’s fraud prevention and detection capabilities, and serve the company’s customers better with more security.