GENERAL MOTORS FINANCIAL COMPANY announced its collaboration with Spring Labs, a technology company building the Spring Protocol, a blockchain-based network that enables network participants to exchange valuable information without sharing underlying source data, as part of its Spring Founding Industry Partners (“SFIP”) Program, which will drive improved data management standards to help address critical auto finance industry issues like identity verification and synthetic identity fraud.
“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,” said Mike Kanarios, Chief Strategy Officer at GM Financial. “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.”
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.
“We are excited to partner with GM Financial to create solutions on our developing network to address vexing economic problems such as identity fraud,” says Adam Jiwan, CEO of Spring Labs. “We look forward to announcing additional significant partnerships in due course.”