VersaBank Launches AI-Enabled Real-Time SRP Pilot to Slash 30-Day Delays
VersaBank launched a pilot with FinanceIt Canada for its AI-enabled Real-Time SRP, financing individual loans within hours and eliminating receivable warehousing delays up to 30 days. The solution leverages internal AI to expand its addressable point-of-sale market in Canada and the U.S., complementing a CAD4.4 billion SRP portfolio.
1. Pilot Program Launch
VersaBank has commenced a pilot of its AI-enabled Real-Time Structured Receivable Program with FinanceIt Canada to test end-to-end functionality in a real-world setting. The pilot aims to refine rapid funding processes before full rollout to all SRP partners in Canada and the United States.
2. Technology and Benefits
The Real-Time SRP leverages the bank’s proprietary AI platform to evaluate and finance individual receivables within hours, eliminating traditional warehouse funding delays of up to 30 days. This immediate funding capability reduces financing costs and enhances risk mitigation by assessing loans on a case-by-case basis.
3. Market Expansion and Portfolio Growth
The new program is designed to expand VersaBank’s addressable point-of-sale financing market on both sides of the border, supporting underserved consumer and small-business segments. As of January 31, 2026, the bank’s SRP portfolio exceeded CAD4.4 billion, and its U.S. launch generated US$310 million in first-year fundings.