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FINWIRES

VersaBank Starts Pilot Program With FinanceIt For New Real-Time Structured Receivable Program

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-- VersaBank (VBNK.TO, VBNK), a North American player in business-to-business digital banking and technology solutions for cybersecurity, commenced a pilot program with one of its "major" structured receivable program partner, FinanceIt Canada, for its new Real-Time Structured Receivable Program, it said Wednesday.

The purpose of the pilot program is to demonstrate the "functionality and operational integrity" of the Real-Time SRP in a "limited-scale, real-world scenario" to refine the solution for full implementation by FinanceIt and simultaneous roll out to all VersaBank's current and prospective SRP partners in both Canada and the United States, the company said.

"VersaBank's Real-Time SRP is a breakthrough innovation in point-of-sale financing, providing the same reliable, economically attractive funding solution as the Bank's existing SRP, with the additional benefit of eliminating the need for SRP partners to warehouse multiple receivables over a period of time," said the company in a statement.

Shares of the company closed unchanged at $25.15 on Tuesday on the Toronto Stock Exchange.

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