VersaBank High-Security VPN Proves Valuable During COVID-19 Pandemic

VersaBank (TSX:VB) has announced the implementation of its new high security Virtual Private Network (VPN) remote access software solution, developed in partnership with Tailscale, a provider of secure network connectivity solutions, the company said.

The software enables VersaBank employees to securely and directly connect to all the Bank´s servers across multiple offices and cloud providers, using two factor authentication and with every connection encrypted. The Tailscale-based solution uses the Office 365 setup and Windows client/server applications that the Bank already had in place.

Tailscale was co-founded by Avery Pennarun, a former Google senior software engineer, who acts as a technology consultant to VersaBank and is a member of VersaBank´s board of directors.

Tailscale is a new kind of corporate VPN that requires no hardware or infrastructure and sets up in minutes. Founded in 2019 by ex-Google engineers, Tailscale is backed by Heavybit and Uncork Capital. Tailscale aims to make every app secure by default for teams of any scale. Learn more at https://tailscale.com.

VersaBank adopted an electronic branchless B2B model in 1993, becoming the world´s first branchless financial institution. It holds a Canadian Schedule I chartered bank license and obtains its deposits, and most of its loans and leases, electronically. VersaBank´s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B, respectively.