Verdigris Launches Banking Software For Small FIs

Verdigris Holdings, which specializes in low-cost banking, announced a white-label offering for small- and medium-sized financial institutions (FIs) called Verdigris Commercial, according to a press release.

The new entity promises to bring “ultra-low-cost banking technology, process and platform” to existing FIs.

Verdigras Commercial will work with a subscription pricing model based on volumes, with flexible contracts allowing for timelines as short as six months at a time. It will have all-inclusive services, including in-house support. It will be tailored to volumes and aligned to business value for clients, customized to their individual business plans. And it will work with cloud infrastructure.

It will also have identity verification, meaning a 50 percent reduction in false positives and a 75 percent reduction in process time.

Verdigris touts cost savings with its “banking in a box” model, which means a consolidation of banking jobs like internet and mobile banking, deposits, loans and payment solutions, among other things. The model is customizable to an individual community bank, using streamlined customer acquisition and an efficient technology foundation.

The advantage of Verdigris is that it can help unprofitable customers become profitable and draw in new customers that were previously unbanked or underbanked. Verdigris boasts of a highly automated transaction process, a day-to-day transaction account, P2P payments and domestic and international transfers.

Michael Coghlan, CEO of Verdigris, said small banks are under pressure from the rise of digital banking and increased costs overall. He said Verdigris’ model was aimed to help them save costs quickly and generate profits.

As the banking world continues to evolve, digitization has become a focus in order to draw in more customers. But that isn’t true for everyone — in the U.S., 6.5 percent of customers in 2017 were unbanked, and many still prefer to pay with cash over a card, so there may not be just one solution.