Inverite Insights Inc.

📉 Improving Financial Insights: Transaction categorization and Data Enrichment for understanding stress and opportunity. In this issue: Let's discuss how data enrichment and transaction categorization can lead to better financial decisioning by providing clear, contextual insights into a customer's financial patterns.

#OpenBanking will open a whole new world for consumers by letting consumers' financial data safely & letting companies “access customer data from competitors — encouraging them to come up with new products & services.” - cbc https://lnkd.in/gE9tA7Fy #consumerdrivenbanking

We are excited to announce the addition of Philip Goodeve to its Board of Directors, as Vice Chairman. Mr. Goodeve is the prior Chairman of Integral Securities, a leading mid-market investment bank, which is very active in raising capital to emerging growth companies across North America. He has raised over $30 Billion in capital, done 100+ acquisitions, 15+ turnarounds and 10+ IPOs. He has had senior board and operating roles in various public and private companies for leading Venture capital and Private Equity funds, been an advisory board member for three funds and is an active venture capital investor personally. He has been a board member of over 26 companies, both public and private, on three continents. Mr. Goodeve is and active advisor and angel investor in international FinTechs. He was Chairman of a leading US publicly listed FinTech, which he successfully sold to the London Stock Exchange. Read the full article here: https://lnkd.in/g9cySPDs #inveriteinsights #fintechnews #fintech

We are excited to announce that our Inverite Verifications platform continues its growth trajectory, setting a new quarterly transaction record for Q1-2024. Revenue based transactions increased in Q1 2024 as compared to Q1 2023 by nearly 29%. As well revenue based transactions increased in Q1 2024 as compared to Q4 2023 by over 10%. Karim Nanji, CEO states “growth in the alternative finance remains strong as we have experienced our best quarter since acquiring our open banking platform in April 2021. With the proposed consumer directed finance (open banking) legislation introduced in the Federal budget last week, we are extremely bullish on the products and platform we offer lenders in their loan adjudication process with consumers.” Karim Nanji continues “Our partnership with FinCuro Solutions (see News Release March 28, 2024) will enable Inverite to further capitalize on the “low hanging fruit” in growing our revenue by improving efficiencies in converting data requests into revenue transactions.We clearly see a path towards profitably in the near future as the Company remains laser focused on revenue growth and cost efficiencies.” Read the full article here: https://lnkd.in/eeXfu3C7

TodayVille (Canada), "Upcoming Introduction of Open Banking in Canada," March 31, 2024: The Canadian government is advancing towards the introduction of #openbanking, a framework designed to allow customers to securely share their financial information with fintech companies without the need to disclose their online banking credentials. Instead, banks will directly transfer the necessary data to the fintechs through a secure online connection. This approach is seen as an alternative to "screen scraping," where a third party accesses a bank account using the customer's login details, posing a significant security risk. Open banking, which has been adopted by 68 countries, aims to facilitate a safer and more innovative financial services environment. While the U.S. laid the legislative groundwork for open banking in 2010, it wasn't until a recent proposal by the Consumer Financial Protection Bureau that steps towards implementation began. Despite the optimistic view on open banking, the experience has shown that it might overstate its benefits without fully negating fraud risks, merely altering the landscape of potential security threats. Read more: https://lnkd.in/gCDK4nCd As we stand on the brink of this innovation, do you think open banking will eventually redefine financial privacy and security, or are we simply shifting the risks to new territories? #openbankingincanada #fintech #screenscraping

🌱 Nurturing Financial Inclusion: Explore the Impact of Alternative Data In this issue: Traditional credit scoring models often leave behind individuals with unconventional financial backgrounds, hindering their access to credit. Discover how alternative data is reshaping this, opening doors for the underbanked and small businesses. #alternativedata #data #financialinclusion

Inverite is pleased to announce its partnership with Digital Pipeline, a web-based Customer Relationship Management (CRM) and Loan Management System (LMS) software provider to the short term and payday loan industry. Inverite plans to integrate ID Verification and Risk Scoring modules into Digital Pipeline's system by Q2 2024, enhancing loan processing for lenders. This collaboration aims to improve efficiency and security in loan operations, providing clients with seamless verification processes and expedited approvals. Read the full news release here: https://lnkd.in/gaXZ6UeF #inveriteinsights #partnership #crmstrategy #lms #loanmanagement

We are pleased to share the latest financial results for the twelve-month and 4th quarter ending December 31, 2023. It was a year of challenges, growth, and learning. During the twelve months, we saw continued revenue growth with our opening banking platform, along with cost reductions and efficiencies in operating and financing expenses. Read the full report here: https://lnkd.in/gKZWehAp #inveriteinsights #annualreport #verification #openbanking

Our journey in 2024 has already marked us as trailblazers in the fintech industry, thanks to our innovative approach to consumer-directed banking. This year marks the introduction of North America's first fully automated Loan Management Software (LMS), a pivotal moment for the industry. Our expansion includes forming partnerships with some of Canada's largest alternative lenders and a niche real estate lender, further solidifying our position in the market. These achievements underscore our dedication to serving "off-bureau" and underbanked consumers, providing them with access to credit through our innovative Open Banking Platform. CEO Karim Nanji emphasizes the importance of alternative financial data over traditional credit scores, enabling lenders to make more informed decisions at an unprecedented pace. This marks a pivotal shift in how creditworthiness is assessed, opening new doors for consumers and lenders alike. We're not just growing; we're setting new standards for innovation in the credit and fintech ecosystems. Our recent partnerships with an Automated Loan Management software provider and a niche real estate lender are a testament to our drive for excellence and efficiency. Read the full news release here: https://lnkd.in/egnSyW7F #openbanking #lmssoftware #consumerbanking #alternativedata

We are pleased to announce a groundbreaking partnership between Inverite Insights Inc. and infinitii ai inc. This strategic collaboration is set to revolutionize the alternative lending industry with enhanced AI capabilities and predictive algorithms. Leveraging over seven billion financial data points from unique Canadian consumer transactions, we aim to transform the way credit assessments are done, focusing on the underbanked consumers often missed by traditional scoring methods. With infinitii ai's expertise in AI, machine learning, and data modelling, we're ready to enhance our data science and predictive scoring methodologies. This means more accurate and inclusive creditworthiness evaluations for consumers and better business decision-making tools. Jean Charles Phaneuf, CEO of infinitii ai, shares our excitement for this venture, “We are pleased to engage with Inverite, a market leader in alternative financial data, to develop new data models and increase its AI capabilities,” he stated. “This project validates the versatility of our AI expertise and the transferability of our machine learning technology as we expand into new vertical markets.” As the demand for alternative lending grows, our collaborative efforts will set a new standard in credit assessment, benefiting the entire credit economy. Read the full news release here: https://lnkd.in/e3eJPW-b #inveriteinsights #infinitiiai #fintech #machinelearning #alternativelending