How DCBank powers financial solutions that help Canadians

PUBLISHED APRIL 24, 2024

Almost half of Canadians are living paycheque to paycheque, according to a 2023 report by research firm Leger, meaning the financial squeeze is felt by friends, family, neighbours and co-workers alike. Today’s financial picture is even more difficult for those who lack access to products and services that can help.

Everyday People Financial’s mission

This is where Everyday People Financial (EP Financial TSX-V: EPF) comes in. The Edmonton-based financial services company with secondary headquarters in Miami, Florida and Ayrshire, Scotland, is on a mission to help “everyday people become their best financial selves” – particularly those with financial-health barriers. Its EP secured credit card, for example, is designed for people who need a second chance to re-establish their credit, with corporate prepaid batch options and optional credit coaching for each cardholder which is backed by the company’s own specialized and robust call centres.

“Our focus is providing financial services and products at a low cost for people who may not otherwise have access to these particular products and services,” explains Gordon Reykdal, executive chairman and co-founder of EP Financial.

Customizing financial products for diverse needs

Whether it’s a financial technology company, or any business requiring payment options and online integrations, DCBank has the right technology to bring innovation to life.

“Typical banks or financial institutions simply can’t or won’t help. You can’t just ask, ‘We’d like you to develop this particular product. We’d like you to support us in doing so.’ You’re not going to get past the reception desk,” says Mr. Reykdal. “With DCBank, we know that they’re listening, they’re open, and they’re prepared to work with us to develop products that are going to provide a very meaningful end product for consumers.”

The partnership between these two entities made sense from the beginning, as DCBank is in the business of bringing the imagined business ideas of others to life through its financial technology solutions, explains Pamela Draper, president of affiliate Digital Commerce Payments.

“We have a full in-house development team that, over the years, has developed off-the-shelf payments technologies to offer card programs, as well as Interac® e-transfer, EFT (electronic fund transfer), and other points of access to the Canadian banking system – all via API technologies that we’ve built in-house,” says Ms. Draper.

DCBank has an entire suite of these core products – including electronic funds transfer, card products and card processing, and e-transfers – and those platforms can also be customized with add-ons, depending on the needs of the business.

“Over time, we’ve added more and more ‘off-the-shelf’ products, but we also work with companies that want to build more complex financial products via our in-house team that is happy to complete bespoke development work for our clients,” adds Ms. Draper.

“Over time, we’ve added more and more ‘off-the-shelf’ products, but we also work with companies that want to build more complex financial products via our in-house team that is happy to complete bespoke development work for our clients,” adds Ms. Draper.

The importance of agility in the financial marketplace

DCBank was founded by a group of experienced entrepreneurs, so there is a deep understanding within the company about the advantages of being nimble in today’s marketplace.

“We know the challenges and the rewards of starting, building and growing a business, with a focus on the financial technology space,” Ms. Draper says. “That background is core to the offerings we provide in that we are quick to move and quick to adapt. We pride ourselves on being able to tailor our offerings to our clients’ needs.”

In the case of EP Financial, that means the programs it has dreamed up to help Canadians can be realized, such as the Everyday HSA (health spending account) program, which is coming to market with EP Financial’s partner, SEB Administrative Services Inc., a wholly owned subsidiary of Cooperators Insurance. Recently approved by MasterCard, the Everyday HSA program includes a prepaid procurement card, which is formatted to only allow purchases from eligible health and wellness providers, providing advantages for employees and employers alike.

Employers can issue these cards knowing purchases are restricted to work-related business expenditures. The card allows employees to pay for health expenses at the point of sale without it coming out of pocket and having to wait for reimbursement.

Mr. Reykdal says this gives employers flexible and affordable HSA funding options to better manage their cash flow, while enabling them to take better care of their employees.

“The real tangible benefit of a lot of our technologies is the ability to automate the payment flow and process, which removes human intervention,” adds Ms. Draper. This saves time and money, but also reduces human error.”

The success of a company like EP Financial, which has helped over 53 million customers across its worldwide business and affiliates to date, is why DCBank continues to develop its payment technology.

“Many wouldn’t realize how many different industries and businesses in Canada we touch, but it could span any company that has an online presence and needs to send money to or from their platform,” says Ms. Draper. “Whether it’s a mobile app or a website, our technology can power that.”