LAS VEGAS, Oct. 28, 2019 /PRNewswire/ -- Verdigris Holdings, Inc., the company bringing low-cost banking to all, is announcing the opening of its pilot program on November 1st. This major step, announced at the Money20/20 conference and made possible by the Arizona FinTech Sandbox program, will allow the first customers to use the Verdigris solution to benefit from the low-cost, easy to use access and provide an important test of the platform prior to broader availability.
The future of real, trusted, low cost banking
The Verdigris solution –following the pilot period and upon regulatory approval - will enable customers access to a real, insured banking account, an easy-to-use app to manage deposits and transfers and a no-overdraft debit card with no transaction fees. These tools can mean up to $500 in savings for some compared to alternative financial products.
"Hard working individuals and families deserve access to real, low-cost banking with no surprises and no hidden costs," said Michael Coghlan CEO of Verdigris, Inc. "This Arizona pilot shows continued progress on Verdigris' commitment to take cost out of banking while democratizing access to basic financial services."
Today, over 25% of households in America lack full access to the regulated banking system while others just pay too much for their banking or alternative financial products. The reason – most banks can't profitably bank those who are low deposit amount and high transaction volume. Legacy systems make it too expensive. Verdigris, however, is building a solution from the ground up to drive costs out of the system and keep costs down for those looking for real, trusted, low-cost banking.
In addition, as a planned regulated entity, Verdigris is held to a higher standard for privacy and business continuity than other alternative solutions. As a result – customers not only get the benefit of low-cost solutions, but high-trust offerings as well.
"We're pleased to see the success of Verdigris as they bring viable and innovative products to the marketplace that have the potential to serve Arizona consumers," said Arizona Attorney General Mark Brnovich. "Arizona's FinTech Sandbox is the most active sandbox in North America, and Verdigris is playing a pivotal role in showcasing Arizona's leadership in developing innovative financial products and services."
Pilot Details and Sign Up Information
The Verdigris pilot will begin accepting participants with initial pilot members coming from several community group partners in the greater Phoenix area. The pilot evaluation is expected to last for about three months with participants having access to the full offering of services and providing active feedback on the platform and its usage along the way.
Verdigris will accept a limited number of additional trial participants as well within the parameters of the FinTech Sandbox program. In alignment with the program, interested customers must initially reside in Arizona however those outside the state who want to be a part of the future of low-cost, trusted, transparent banking will be able to sign up to receive additional information as soon as both regulatory approval and initial pilot testing are complete.
To sign up or find out more about Verdigris' low-cost, programs please visit: www.verdigrisholdings.com/AZpilot
About the Arizona FinTech Sandbox:
Verdigris' participation in the Arizona FinTech Sandbox means Verdigris is able to pilot its technologies and programs with a group of real customers in need of our offerings, prior to obtaining full regulatory approval. Arizona's first in the US program helps alleviate the regulatory and related time and financial burdens that often prevent financial technology companies from bringing solutions to market.
Verdigris Holdings is changing banking for the better. Over 63 million people in America have no or limited access to the regulated banking system and even more lack access to real, low-cost banking. This causes them to pay triple what they should for substitute banking services. Verdigris is building a fresh solution – the combination of patented technology, industry expertise and a real, regulated bank to deliver low cost, trusted, transparent banking to all.
For more information visit: www.verdigrisholdings.com
For additional information on the Arizona Attorney General FinTech Sandbox visit: https://www.azag.gov/fintech/participants
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SOURCE Verdigris Holdings