– Bank Goes Live with First Real-Time SRP Partner, Financeit, and Expects to Roll Out to Other Partners Imminently –
– Industry First, AI-Enabled Real-Time SRP Capability Significantly Expands VersaBank’s Addressable Point-of-Sale Market –
VersaBank (TSX: VBNK) (NASDAQ: VBNK) (“VersaBank” or the “Bank”) a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced the launch of its industry breakthrough Real-Time Structured Receivable Program (SRP). Financeit Canada Inc. (“Financeit”), one of the Bank’s largest SRP partners, is the first to utilize the real-time version of the SRP on a large scale following the successful completion, ahead of schedule, of the previously announced pilot program. VersaBank’s Real-Time SRP is now available to other existing and prospective SRP partners in Canada and the United States.
“Demand for our industry first, AI-enabled Real-Time SRP has far exceeded our expectations since announcing our pilot less than two months ago,” said David Taylor, Founder and President, VersaBank. “We are thrilled that Financeit, one of our largest and longest tenured SRP partners, will be the first to take advantage of this supercharged version of our already highly attractive point-of-sale funding solution. We expect the unique and innovative benefits of our Real-Time SRP will enable us to grow our share of existing SRP partners’ businesses while enabling us to win business with new partners in both the United States and Canada.”
“We are proud to be the first point-of-sale financing company to leverage VersaBank’s Real-Time SRP, a broad implementation that we expect will make an immediate and meaningful contribution to our business,” said Casper Wong, CEO of Financeit. “This milestone reinforces the strength of our partnership with VersaBank and our shared track record of innovation and execution. With Financeit approaching $2 billion in annual loan originations, we expect 2026 to be another record year.”
ABOUT VERSABANK
VersaBank is a North American bank with a difference. Federally chartered in both Canada and the U.S., VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its funding activities electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity. In August 2024, VersaBank launched its unique Structured Receivable Program funding solution for point-of-sale finance companies, which has been highly successful in Canada for over 15 years, to the underserved multi-trillion-dollar U.S. market. VersaBank also owns Minnesota-based DRT Cyber Inc., a North American leader in the provision of cyber security services to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities. Through DRT Cyber Inc., VersaBank owns proprietary intellectual property and technology to enable the next generation of digital assets for the banking and financial community, including the Bank’s revolutionary and proprietary Real Bank Tokenized DepositsTM.
VersaBank’s Common Shares trade on the Toronto Stock Exchange and NASDAQ under the symbol VBNK.
Visit our website at: www.versabank.com
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Source : VersaBank
