DirectCash Bank (“DCBank” or the “Bank”) today announced that it has received approval from the Office of the Superintendent of Financial Institutions Canada (“OSFI”) under the Bank Act (Canada) to change the name of the Bank from DirectCash Bank to Digital Commerce Bank in the English form and from Banque DirectCash to Banque de commerce digital in the French form. The change of name to Digital Commerce Bank better reflects the operations of the business and the Bank’s existing and targeted clients. The Bank will continue to carry on business using the “DCBank” trademark.
“We are excited for our name change to Digital Commerce Bank, which allows us to unify our branding, technology and offering,” said Jeffrey Smith, the Bank’s President & CEO. “As part of the name change, the Bank continues to offer innovative payment and banking experiences to its customers though technology suitable for financial product innovators, fintech companies, digital business owners and commercial banking customers.”
Digital Commerce Bank
The Digital Commerce Bank is a privately held Schedule 1 Canadian chartered bank. The Bank’s mission is to provide innovative payment and banking solutions to its clients. The Bank’s proprietary solutions offer clients efficiency, flexibility, and convenience when it comes to their banking and payments needs. The Bank is regulated by OSFI, is a member of Payments Canada, and is a principle member of Interac, Visa and MasterCard.
This press release contains forward-looking statements. The use of any of the words “will”, “aims” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Bank. Although the Bank believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Bank can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated. The statements contained in this press release are made as of the date hereof and the Bank undertakes no obligation to update publicly or revise any statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.