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VERSABANK INITIATES INTERNAL PILOT PROGRAM IN CANADA FOR NEW DIGITAL DEPOSIT RECEIPT WITH INTERNAL E-WALLET DEPOSIT ACCOUNTS
VERSABANK INITIATES INTERNAL PILOT PROGRAM IN CANADA FOR NEW DIGITAL DEPOSIT RECEIPT WITH...
About this update from Versabank
[{"type":"text","content":"\n \n \n \n VERSABANK INITIATES INTERNAL PILOT PROGRAM IN CANADA FOR NEW DIGITAL DEPOSIT RECEIPT WITH INTERNAL E-WALLET DEPOSIT ACCOUNTS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n LONDON, ON\n \n \n ,\n \n \n Nov. 14, 2022\n \n \n /CNW/ - VersaBank (\"VersaBank\" or the \"Bank\") (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that it has initiated an internal pilot program of a new Digital Deposit Receipts (\"DDRs\"), which will be undertaken exclusively within\n \n Canada\n \n . The purpose of the internal pilot program is to validate the security, processes, procedures and protocols of the Bank's new DDR model called \"CADV\" (for the Canadian-dollar version).  The pilot program will limit deposits and transfers to senior VersaBank executives and members of the Bank's board of directors, all of whom reside in\n \n Canada\n \n .\n \n \n \n \n \n \n \n \n \n VersaBank's DDRs are highly encrypted one-for-one digital representations of actual cash on deposit with the Bank. The DDRs are placed on selected blockchains (initially Algorand and Stellar), enabling them to be transferred as a claim on the cash deposit.  Under the new model, DDR accounts (or \"e-wallets\") will be hosted by VersaBank (as opposed to being hosted by an external third party), enabled and secured by VersaBank's VersaVault® technology.  Access to VersaBank DDR accounts is enabled through VersaBank's \"Viewer\", a software tool developed exclusively for the Bank.\n \n \n \"Amidst the rapidly evolving macro and regulatory environments, we are piloting a new DDR model internally, having developed our own e-wallet solution to further ensure the security of DDR deposits, and align our model with what we believe to be the future direction of both customer demand and industry regulation,\" said\n \n David Taylor\n \n , President and Chief Executive Officer, VersaBank.\n \n \n Implementation of the pilot program, whic...