FAIRFAX,
Va., Oct. 18, 2023 /PRNewswire/ -- MainStreet
Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company
for MainStreet Bank, announces the launch of Avenu's fully
integrated Software as a Service (SaaS) technology along with its
first client on the new solution—SafariPay.
MainStreet Bank's innovative technology and
training was designed to solve a problem that has plagued BaaS
clients
The Avenu team announced that SafariPay's global money
transmittance service known as PaySii is its first onboarded
client. The SafariPay relationship links MainStreet Bank's deposit
and payments capabilities with a community of U.S. residents who
want a U.S. banking relationship that also provides a convenient,
secure, and reliable way to send money to friends and family in
Africa, the UK, the European
Union, and the Middle East.
The Avenu team relied upon its collective experience with
traditional Banking as a Service (BaaS) clients as a baseline to
design and build its new SaaS technology. The design fully
integrated digital tools into Avenu's SaaS technology that are
aligned with best practices for safety and soundness and compliance
purposes. The team also designed a purpose-built training program
to provide a scalable and reliable solution to meet the needs of
BaaS clients now and into the future.
About SafariPay / PaySii In the U.S., PaySii provides
money transmission services for approximately 10,000 U.S. residents
and their families and friends to 30 African countries. SafariPay
anticipates transitioning 7,500 of these customers to the Avenu
platform during 2024, according to Leea
Gibson, Chief Executive Officer at SafariPay. At that time,
PaySii estimates its customers will maintain aggregated balances
approximating $4 million on the
platform.
"We are delighted to work with MainStreet Bank as our
customers can be assured that a sound, stable, and well-run bank
with a deep knowledge of regulation and compliance is behind the
payment services we provide," Gibson said. "We are excited to
be Avenu's first operational client because we have been by
their side throughout their journey to create a state-of-the-art
payment platform that integrates best-in-class digital
compliance."
MainStreet Bank's innovative software solution and focused
training for BaaS clients was designed to solve a problem that has
plagued BaaS clients—namely, frequent disruptions/failures in
service as banks and middleware providers entered and exited the
space.
"We didn't rush into the BaaS space, we spent several years with
two beta clients learning what we needed to know and do, and then
spent two years building our SaaS solution alongside our compliance
and safety and soundness training program," said Jeff W. Dick, Chairman & CEO of MainStreet
Bancshares, Inc. and MainStreet Bank. "We will be equally selective
in our client base moving forward, as their offering of our
products and services are a reflection on our reputation and
brand."
"Listening to clients and anticipating pitfalls before going
live was the right thing to do," said Todd
Youngren, a veteran payments executive who is President of
Avenu. "We have anticipated the concerns of clients and regulators,
and we're prepared to move forward with several more clients that
are awaiting their turn in the queue. We are very honored that
SafariPay and PaySii agreed to help us prove the value of this
innovative solution."
About Avenu Avenu is the only embedded banking solution
that connects fintechs and their apps directly and seamlessly to a
bank — MainStreet Bank. We are not a sponsor bank without our own
technology, and we are not a middleware software company
(aggregator) without our own bank. We are Avenu, a leading
financial technology company backed by an established community
business bank in the heart of Washington,
D.C.
Our clients are fintechs, application developers, money
movers, and entrepreneurs. They all have one thing in common: They
are innovating how money moves to solve real-world issues and help
communities thrive. We are focused on servicing our community and
long-term business relationships.
About MainStreet Bank MainStreet operates six
branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington, D.C. MainStreet Bank has 55,000
free ATMs and a fully integrated online and mobile banking
solution. The Bank is not restricted by a conventional branching
system, as it can offer business customers the ability to Put
Our Bank in Your Office®. With robust and
easy-to-use online business banking technology, MainStreet has "put
our bank" in thousands of businesses in the metropolitan area.
MainStreet Bank has a robust line of business and professional
lending products, including government contracting lines of credit,
commercial lines and term loans, residential and commercial
construction, and commercial real estate. MainStreet also works
with the SBA to offer 7A and 504 lending solutions. From
sophisticated cash management to enhanced mobile banking and
instant-issue Debit Cards, MainStreet Bank is always looking for
ways to improve our customer's experience.
MainStreet Bank was the first community bank in the Washington, D.C., metropolitan area to offer a
full online business banking solution. MainStreet Bank was also the
first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that
provides multi-million-dollar FDIC insurance. Further information
on the Bank can be obtained by visiting its website
at mstreetbank.com.
This release contains forward-looking statements, including
our expectations with respect to future events that are subject to
various risks and uncertainties. The statements contained in this
release that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Words such as "may," "will,"
"could," "should," "expect," "plan,"
"project," "intend," "anticipate,"
"believe," "estimate," "predict,"
"potential," "pursuant," "target,"
"continue," and similar expressions are intended to
identify such forward-looking statements. Factors that could cause
actual results to differ materially from management's projections,
forecasts, estimates and expectations include: fluctuation in
market rates of interest and loan and deposit pricing, adverse
changes in the overall national economy as well as adverse economic
conditions in our specific market areas, future impacts of the
novel coronavirus outbreak, maintenance and development of
well-established and valued client relationships and referral
source relationships, and acquisition or loss of key production
personnel. We caution readers that the list of factors above is not
exclusive. The forward-looking statements are made as of the date
of this release, and we may not undertake steps to update the
forward-looking statements to reflect the impact of any
circumstances or events that arise after the date the
forward-looking statements are made. In addition, our past results
of operations are not necessarily indicative of future
performance.
Contact: Debra Cope
Director of Corporate Communications
(202) 468-3814
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SOURCE MainStreet Bancshares, Inc.