VersaBank Transfers DDR Tech Assets to DRT Cyber for Cybersecurity Boost

VersaBank, a Canadian digital bank, has announced the transfer of certain assets related to its Digital Deposit Receipt (DDR) technology to a wholly-owned subsidiary of DRT Cyber. The assets transferred include intellectual property and other resources, such as personnel, that are integral to the operation and development of the DDR technology.

The transfer of these assets is a strategic move by VersaBank to focus on its core banking operations and to leverage the expertise of DRT Cyber in the field of cybersecurity. DRT Cyber is a leading provider of cybersecurity solutions and services, and the acquisition of these assets will enable it to expand its offerings in the digital banking and financial services sector.

VersaBank's DDR technology is a innovative solution that enables customers to deposit funds into their accounts using a digital receipt. The technology has been praised for its convenience and security, and has been adopted by a number of financial institutions around the world.

The transfer of these assets is expected to be completed in the near future, subject to certain closing conditions. Upon completion of the transfer, DRT Cyber will assume full ownership and control of the DDR technology and related assets.

This move by VersaBank is a testament to the company's commitment to innovation and its focus on providing customers with the most advanced and secure banking solutions. By transferring these assets to DRT Cyber, VersaBank is able to leverage the expertise of a leading cybersecurity provider to ensure the continued development and success of the DDR technology.