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VERSABANK RECOGNIZED FOR CONTINUING LEADERSHIP IN BANKING TECHNOLOGY

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VersaBank has been named a CIO Awards Canada winner by IDC Canada and CIO for its Capital Adequacy Requirement (CAR) project. The bank moved core CAR logic into a serverless function in the cloud, resulting in ultra-fast computing without impacting its Asset Management System (AMS).

VersaBank's CIO, Wooi Koay, received the award at a gala dinner in Toronto on September 25, 2024. The bank's CEO, David Taylor, emphasized the importance of technological innovation in their cloud-based, branchless, business-to-business model. He highlighted the bank's success in Canada and its recent expansion into the United States.

The CIO Awards Canada recognizes Canadian IT organizations for projects driving digital business growth through technology innovation. IDC Canada's Managing Director, Lars Goransson, congratulated this year's winners for their inspiring projects and demonstration of Canada's highly skilled and innovative workforce.

VersaBank è stata premiata come vincitrice dei CIO Awards Canada da IDC Canada e CIO per il suo progetto Capital Adequacy Requirement (CAR). La banca ha trasferito la logica fondamentale di CAR in una funzione serverless nel cloud, consentendo elaborazioni ultraveloci senza compromettere il suo Sistema di Gestione degli Asset (AMS).

Il CIO di VersaBank, Wooi Koay, ha ricevuto il premio durante una cena di gala a Toronto il 25 settembre 2024. Il CEO della banca, David Taylor, ha sottolineato l'importanza dell'innovazione tecnologica nel loro modello di business senza filiali e basato sul cloud. Ha evidenziato il successo della banca in Canada e la sua recente espansione negli Stati Uniti.

I CIO Awards Canada riconoscono le organizzazioni IT canadesi per i progetti che promuovono la crescita aziendale digitale attraverso l'innovazione tecnologica. Il Direttore Generale di IDC Canada, Lars Goransson, ha congratulato i vincitori di quest'anno per i loro progetti ispiratori e per la dimostrazione della forza lavoro altamente qualificata e innovativa del Canada.

VersaBank ha sido nombrada ganadora de los CIO Awards Canada por IDC Canada y CIO por su proyecto de Capital Adequacy Requirement (CAR). El banco trasladó la lógica central de CAR a una función sin servidor en la nube, lo que resultó en un procesamiento ultrarrápido sin afectar su Sistema de Gestión de Activos (AMS).

El CIO de VersaBank, Wooi Koay, recibió el premio en una cena de gala en Toronto el 25 de septiembre de 2024. El CEO del banco, David Taylor, enfatizó la importancia de la innovación tecnológica en su modelo de negocio sin sucursales y basado en la nube. Destacó el éxito del banco en Canadá y su reciente expansión a los Estados Unidos.

Los CIO Awards Canada reconocen a las organizaciones de TI canadienses por proyectos que impulsan el crecimiento empresarial digital a través de la innovación tecnológica. El Director General de IDC Canada, Lars Goransson, felicitó a los ganadores de este año por sus proyectos inspiradores y por demostrar la mano de obra altamente calificada e innovadora de Canadá.

VersaBank는 IDC Canada와 CIO로부터 CIO Awards Canada 수상자로 선정되었습니다. 이는 Capital Adequacy Requirement (CAR) 프로젝트의 결과입니다. 은행은 CAR의 핵심 논리를 클라우드의 서버리스 기능으로 이전하여 자산 관리 시스템(AMS)에 영향을 주지 않고 초고속 컴퓨팅을 가능하게 했습니다.

VersaBank의 CIO인 Wooi Koay는 2024년 9월 25일 토론토에서 열린 갈라 디너에서 이 상을 수상했습니다. 은행의 CEO인 David Taylor는 클라우드 기반의 지점 없는 비즈니스 모델에서 기술 혁신의 중요성을 강조했습니다. 그는 캐나다에서의 은행의 성공과 최근 미국으로의 확장을 강조했습니다.

CIO Awards Canada는 기술 혁신을 통해 디지털 비즈니스 성장을 주도하는 프로젝트에 대해 캐나다 IT 조직을 인정합니다. IDC Canada의 관리 이사인 Lars Goransson은 올해의 수상자들에게 영감을 주는 프로젝트와 캐나다의 고도로 숙련되고 혁신적인 인력을 시연한 것에 대해 축하의 인사를 전했습니다.

VersaBank a été désignée lauréate des CIO Awards Canada par IDC Canada et CIO pour son projet de Capital Adequacy Requirement (CAR). La banque a transféré la logique fondamentale du CAR dans une fonction sans serveur dans le cloud, permettant un traitement ultrarapide sans impacter son Système de Gestion d'Actifs (AMS).

Le CIO de VersaBank, Wooi Koay, a reçu le prix lors d'un dîner de gala à Toronto le 25 septembre 2024. Le PDG de la banque, David Taylor, a souligné l'importance de l'innovation technologique dans leur modèle de business sans succursales et basé sur le cloud. Il a mis en avant le succès de la banque au Canada et sa récente expansion aux États-Unis.

Les CIO Awards Canada reconnaissent les organisations informatiques canadiennes pour leurs projets qui favorisent la croissance des affaires numériques grâce à l'innovation technologique. Lars Goransson, Directeur Général d'IDC Canada, a félicité les lauréats de cette année pour leurs projets inspirants et leur démonstration de la main-d'œuvre canadienne hautement qualifiée et innovante.

VersaBank wurde von IDC Canada und CIO als Gewinner der CIO Awards Canada für ihr Capital Adequacy Requirement (CAR) Projekt ausgezeichnet. Die Bank hat die zentrale CAR-Logik in eine serverless Funktion in der Cloud verlagert, was ultraschnelle Berechnungen ermöglicht, ohne ihr Asset Management System (AMS) zu beeinträchtigen.

Der CIO von VersaBank, Wooi Koay, erhielt den Preis während eines Gala-Dinners in Toronto am 25. September 2024. Der CEO der Bank, David Taylor, betonte die Bedeutung technologischer Innovation in ihrem cloudbasierten, filialfreien B2B-Modell. Er hob den Erfolg der Bank in Kanada und ihre kürzliche Expansion in die USA hervor.

Die CIO Awards Canada würdigen kanadische IT-Organisationen für Projekte, die das digitale Geschäftswachstum durch technologische Innovation fördern. Lars Goransson, Geschäftsführer von IDC Canada, gratulierte in diesem Jahr den Gewinnern zu ihren inspirierenden Projekten und zum Nachweis der hochqualifizierten und innovativen Arbeitskräfte Kanadas.

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–  Bank Named CIO Awards Canada Winner by IDC and CIO 

LONDON, ON, Sept. 26, 2024 /PRNewswire/ - VersaBank has been named a CIO Awards Canada winner by IDC Canada and CIO. VersaBank CIO, Wooi Koay received the award at a CIO Awards Canada gala dinner hosted at The National Club in Toronto on September 25, 2024.

CIO Awards Canada recognized VersaBank for its Capital Adequacy Requirement (CAR) project. Canada's banking regulator requires banks to set aside capital amounts for different loan types – known as capital adequacy requirements (CAR) – and the regulator changes these requirements periodically. Banks must respond promptly when requirements are changed. 

For this project, VersaBank moved the core CAR logic into a serverless function in the cloud, which resulted in ultra-fast computing and without impairing any of the demands on the bank's Asset Management System (AMS). The AMS is used to record and track assets (e.g., loans) to judiciously allocate their capital to generate the highest return on common equity.

"We're delighted to be recognized for our continuing technological innovation, which is the very core of VersaBank's model as a cloud-based, branchless, business-to-business bank, providing high value-add digital banking solutions to address the unmet needs of our partners throughout North America," said David Taylor, Founder, President and Chief Executive Officer, VersaBank. "Our proprietary banking software underlies our tremendous success and growth to date in Canada, which we look forward to replicating with our recent entry into the United States, as our cloud-based systems enable us to operate incredibly efficiently on both sides of the border.  VersaBank's CIO, Wooi Koay, has played an integral role in our technological leadership, working to develop some of the banking industry's most innovative solutions and enabling us to continuously remain on the leading edge of digital financial technology."

Mr. Koay has shown a remarkable ability to translate the vision for new technology solutions, products and services envisioned by VersaBank management, including Founder David Taylor, and translate them into reality.

"We're excited to celebrate CIO Awards Canada 2024, which honours Canadian IT organizations for projects driving digital business growth through technology innovation and demonstrating business value. We wish to congratulate this years' winners as their projects were very inspiring and a true testament of the highly skilled and innovative workforce here in Canada," said Lars Goransson, Managing Director, Canada, IDC (International Data Corporation).

Every year, CIO recognizes the tech world's most innovative organizations and accomplished leaders. 2024 will be the third year for this popular awards program, where CIO Awards Canada have recognized innovative Canadian tech projects and teams.

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights. To learn more about IDC Canada, please visit www.idc.com/ca or follow us on LinkedIn.

About CIO

CIO focuses on attracting the highest concentration of enterprise CIOs and business technology executives with unparalleled peer insight and expertise on business strategy, innovation, and leadership. As organizations grow with digital transformation, CIO provides its readers with key insights on career development, including certifications, hiring practices and skills development. The award-winning CIO portfolio provides business technology leaders with analysis and insight on information technology trends and a keen understanding of IT's role in achieving business goals. CIO is published by Foundry (formerly IDG Communications, Inc.) Company information is available at http://www.foundryco.com Follow CIO on Twitter: @CIOonline & @CIOevents Follow CIO on LinkedIn Follow CIO on Facebook.

About the CIO Awards Canada

The CIO Awards for Canada celebrate Canadian organizations and the teams within them that are using IT in innovative ways to deliver business value, whether by creating competitive advantage, optimizing business processes, enabling growth, or improving relationships with customers. The award is an acknowledged mark of enterprise excellence and a source of pride for all winning organizations.

About VersaBank

VersaBank is a North American bank (federally chartered in Canada and the US) with a difference.  VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its lending electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity.  In August 2024, VersaBank launched its unique Receivable Purchase Program (RPP) funding solution for point-of-sale finance companies, which has been highly successful in Canada for nearly 15 years, to the underserved multi-trillion-dollar US market.  VersaBank also owns Washington, DC-based DRT Cyber Inc., a North America leader in the provision of cyber security services to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities.

VersaBank's Common Shares trade on the Toronto Stock Exchange ("TSX") and Nasdaq under the symbol VBNK. Its Series 1 Preferred Shares trade on the TSX under the symbol VBNK.PR.A.

Visit our website at:  www.versabank.com

Follow VersaBank on Facebook, Instagram, LinkedIn and X.

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SOURCE VersaBank

FAQ

What award did VersaBank (VBNK) win in September 2024?

VersaBank (VBNK) won the CIO Awards Canada in September 2024, presented by IDC Canada and CIO for its Capital Adequacy Requirement (CAR) project.

What technology innovation did VersaBank (VBNK) implement for its CAR project?

VersaBank (VBNK) moved the core Capital Adequacy Requirement (CAR) logic into a serverless function in the cloud, resulting in ultra-fast computing without impacting its Asset Management System (AMS).

Who received the CIO Awards Canada on behalf of VersaBank (VBNK)?

Wooi Koay, VersaBank's CIO, received the CIO Awards Canada on behalf of VersaBank (VBNK) at a gala dinner in Toronto on September 25, 2024.

How does VersaBank (VBNK) describe its banking model?

VersaBank (VBNK) describes its model as a cloud-based, branchless, business-to-business bank, providing high value-add digital banking solutions to address unmet needs of partners throughout North America.

What recent expansion has VersaBank (VBNK) undertaken?

VersaBank (VBNK) has recently entered the United States market, aiming to replicate its success and growth from Canada using its cloud-based systems to operate efficiently on both sides of the border.

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