VersaBank Launches AI-Enabled Real-Time SRP with Financeit Across North America
VBNK•VersaBank has launched an AI-enabled Real-Time Structured Receivable Program with Financeit, moving from pilot to large-scale implementation across Canada and the US. The bank expects the new solution to expand its point-of-sale funding capacity and win additional partners by leveraging real-time processing and machine learning capabilities.
1. Real-Time SRP Launch
VersaBank this month launched its AI-enabled Real-Time Structured Receivable Program, moving from pilot to full-scale operations. The real-time solution syncs receivable funding at point-of-sale, enabling immediate financing decisions for transactions in both Canada and the United States.
2. Financeit Partnership Scale
Financeit Canada Inc., with nearly $2 billion in annual loan originations, is the inaugural large-scale user of the Real-Time SRP. The partnership’s ahead-of-schedule rollout underscores VersaBank’s ability to expedite technology deployments and deepen ties with leading point-of-sale finance companies.
3. Market Expansion Potential
VersaBank expects the new real-time capability to expand its addressable point-of-sale market and attract new SRP partners by leveraging machine learning for risk assessment and faster funding. This strategic upgrade supports the bank's digital, branchless model and aims to drive efficiency, operating leverage, and return on equity.
