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MainStreet Bank Inaugurates Its Avenu Software as a Service (SaaS) Technology with Its First Client, SafariPay
FAIRFAX, Va., Oct. 18, 2023 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, announces the launch
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"FAIRFAX, Va., Oct. 18, 2023 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, announces the launch of Avenu's fully integrated Software as a Service (SaaS) technology along with its first client on the new solution—SafariPay.\n\n \n \n \n \n \n \n\n \nMainStreet Bank's innovative technology and training was designed to solve a problem that has plagued BaaS clientsThe Avenu team announced that SafariPay's global money transmittance service known as PaySii is its first onboarded client. The SafariPay relationship links MainStreet Bank's deposit and payments capabilities with a community of U.S. residents who want a U.S. banking relationship that also provides a convenient, secure, and reliable way to send money to friends and family in Africa, the UK, the European Union, and the Middle East.\nThe Avenu team relied upon its collective experience with traditional Banking as a Service (BaaS) clients as a baseline to design and build its new SaaS technology. The design fully integrated digital tools into Avenu's SaaS technology that are aligned with best practices for safety and soundness and compliance purposes. The team also designed a purpose-built training program to provide a scalable and reliable solution to meet the needs of BaaS clients now and into the future.\nAbout SafariPay / PaySii In the U.S., PaySii provides money transmission services for approximately 10,000 U.S. residents and their families and friends to 30 African countries. SafariPay anticipates transitioning 7,500 of these customers to the Avenu platform during 2024, according to Leea Gibson, Chief Executive Officer at SafariPay. At that time, PaySii estimates its customers will maintain aggregated balances approximating $4 million on the platform.\n\"We are delighted to work with MainStreet Bank as our customers can be assured that a sound, stable, and well-run bank with a deep knowledge of regulation and compliance is behind the payment services we provide,\" Gibson said. \"We are excited to be Avenu's first operational client because we have been by their side throughout their journey to create a state-of-the-art payment platform that integrates best-in-class digital compliance.\"\nMainStreet Bank's innovative software solution and focused training for BaaS clients was designed to solve a problem that ...