Regions Bank Launches Equipment Financing Tech Platform

Alabama’s Regions Bank says it is adding a new technology solutions platform and team to its Regions Equipment Finance Corporation (REFCO) subsidiary.

The bank announced this expansion of its services in a news release Thursday (Jan. 6), saying the project will be led by Jay Cannon, a banking veteran who recently joined the company.

REFCO is an equipment financing and leasing company. It will use the new platform to deliver these solutions while helping clients maximize efficient operation and build long-term growth.

“As companies continue to digitize, move to cloud-based operations and improve digital security, our team will provide leading-edge insights, helping clients guard against obsolescence while leveraging best practices designed to support and enhance their operations not only today – but also well into the future,” said Will Perry, managing director and head of REFCO.

Before joining Regions, Cannon served as eastern region manager for U.S. Bank’s Technology Finance Group. He began his 40-year career with Graybar Electric, Inc. and has held leadership roles with Bombardier Technology Management Finance, Mellon U.S. Leasing Corporation and IBM Credit, LLC.

REFCO’s teams work with Region’s bankers to find financing solutions that meet individual equipment needs, ownership requirements and tax considerations. The company says the new team and platform mark REFCO’s sixth specialty group, following groups devoted to equipment finance and leasing; solar tax equity; government, institutional, and tax-exempt financing; equipment syndications; and asset portfolio management.

Read more: Regions Bank on How Embedded Payments Can Help FIs Capture Lasting Corporate Loyalty

PYMNTS spoke to members of Regions’ leadership team in November of last year about the ways financial institutions are working to keep up with changes to payment infrastructures in the wake of the COVID pandemic.

Greg Miles, senior vice president of Treasury Management Products and Services, said banks are working rapidly to meet the needs of businesses seeking seamless digital-first payments, making standing out in the crowd more of an challenge than before.

“Banks of all sizes are raising their game with respect to payment and data services that work seamlessly with [enterprise resource planning (ERP)] platforms,” Miles said. “The only effective way to compete in this environment is to meet clients’ data needs and couple that with first-class human service, whether online, by phone or socially distanced while in person.”