MainStreet Bancshares in Fairfax, Va., has debuted its Software-as-a-Service platform after signing its first client.
The $1.9 billion-asset company said in a press release that its Avenu division is working to assist SafariPay with a product that allows for money transfers to people in Africa, the UK, the European Union and the Middle East.
SafariPay estimates its customers will maintain aggregated balances of roughly $4 million on its PaySii platform.
The SaaS platform is an expansion of MainStreet’s existing Banking-as-a-Service offering.
“We didn’t rush into the BaaS space,” Jeff Dick, MainStreet’s chairman and CEO, said in the release.
“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,” he added. “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.”