VersaBank refreshes DDR tokenized deposit pilot program in Canada

VersaBank (VBNK) announced it has commenced a refresh of its previously completed pilot program for its Digital Deposit Receipts in Canada. The purpose of the CADVB Pilot Refresh is to confirm the previously demonstrated functionality, security, and operational integrity of the Bank’s DDRs, including compliance with all Canadian money laundering and terrorist financing legislation, in the context of advancements and enhancements of the Bank’s core banking technology platform since the completion of the initial DDR Pilot Program in Canada in 2022. VersaBank also announced that the CADVB Pilot Refresh will be integrated with the Bank’s recently initiated pilot program for the US-dollar version of its DDRs. The integration of the two pilot programs is intended to demonstrate VersaBank’s ability to conduct high-speed, low-cost, highly encrypted and secure cross-border payment transactions using DDRs as 1:1 representations of actual deposits with the Bank. VersaBank expects both the CADVB and USDVB pilot programs to be completed by the end of calendar 2025 with commercial launch to occur as soon as possible thereafter, subject to regulatory obligations as may apply.