VersaBank Implements New Internally Developed Artificial Intelligence Capabilities Within Core Banking Technology
VersaBank, a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced it has implemented new, internally developed, state-of-the-art artificial intelligence (AI) capabilities within its proprietary core banking technology. The new AI capabilities enable VersaBank to now actively monitor the entirety of its Receivable Purchase Program (RPP) portfolio continuously in real time, further enhancing its already low-risk credit asset model. The Bank is developing innovative new financing options within its RPP, including real-time purchasing of cash flow streams, based on its enhanced AI capabilities to further expand market share in Canada and accelerate the ramp up in the United States, which it expects to launch in the near term.
"For more than three decades, VersaBank has been at the leading edge of technological innovation in the banking industry to drive credit asset and revenue growth and enhance operating leverage, while strengthening what we believe to be one of the lowest risk profiles in the US and Canadian banking sector," said David Taylor, Founder and President, VersaBank. "The implementation of these new AI capabilities, developed entirely in-house, is expected to extend our track record in this regard as we execute on a strategy to introduce more 'first of their kind' financing offerings on both sides of the border."
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