Laurentian Bank (LB) has formed a strategic partnership with Brim Financial, a growing financial technology company in Canada.
Brim Financial provides omnichannel, financial technology platform as a service (PaaS) solutions for financial institutions and large commercial partners.
As a licensed credit card issuer, Brim will partner with Laurentian to fuel the bank’s digital transformation and enhance the customer experience with its suite of VISA products.
Laurentian Bank will integrate Brim’s unique PaaS to accelerate its digital capabilities, simplify its VISA ecosystem, close foundational gaps in its offering, and differentiate its products in the market.
In partnering with Brim, Laurentian Bank’s VISA customers will have access to features such as digital onboarding, mobile wallet functionality, and a robust rewards platform.
“Laurentian Bank is excited to partner with Brim Financial to bring our vision of re-imagining our VISA experience to life,” said Laurentian Bank president and CEO Rania Llewellyn.
“With this announcement,” she added, “we are delivering on a number of key priorities in our new strategic plan, including leveraging our size to engage in strategic partnerships to deliver faster and better products for our customers.”
Brim is the only PaaS that bridges the issuance and merchant ecosystem under one vertically integrated platform. The platform will allow branches across the Laurentian network to seamlessly support customers in a unified, co-browsing experience.
“Our modular and innovative platform will enable transformative products and experiences seamlessly within Laurentian Bank’s ecosystem, providing customers with instant, enhanced benefits and the largest self-serve functionality in Canada,” said Brim’s founder and CEO Rasha Katabi.
Laurentian Bank of Canada provides personal banking, business banking, and real estate and commercial financing to its customers across Canada and the United States.
Shares in Laurentian Bank (LB) are up 1.13 per cent, trading at $40.40 per share as of 3:01 pm EST.