Toronto, Ontario – October 13, 2009:Portfolio+ Inc. is pleased to announce that CHIP Home Income Plan (CHIP) has received its Letters Patent and Order to Commence as a federally regulated Schedule I bank.
"We're elated that CHIP has received OSFI approval to launch HomEquity Bank", said G. Robert Leeming, President of Portfolio+ Inc. "CHIP has earned their success through innovation and we believe access to retail deposits through deposit brokers will help ensure a great future for HomEquity Bank."
CHIP became a customer in March of 2009.
Portfolio Plus enables banks, trust companies, virtual banks, credit unions, and other financial organizations to implement their own flavour of banking to capture the best possible market advantage. Portfolio Plus, with its Plug-In BankingTM architecture, enables financial organizations to add functionality as they require it, making it one of the most versatile solutions in the market.
The Canadian Home Income Plan Corporation, commonly known as CHIP, has been Canada's leading provider of reverse mortgages for over twenty years. Founded in Vancouver, CHIP is Canada’s only national financial services company exclusively dedicated to helping homeowners age 60 or older turn the equity they have built up in their homes into tax-free cash. CHIP Home Income Plan is a wholly owned subsidiary of Home Equity Income Trust. As of December 31, 2008, CHIP has originated approximately 7,000 reverse mortgages with an accrued value of $814 million, secured by residential properties across Canada worth approximately of $2.3 billion. CHIP (www.chip.ca), has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986.
Portfolio+ Inc. connects financial institutions with customers and partners using innovative technologies. Its software solutions and open banking technology are used by financial institutions in Canada, Ireland, and the UK. With its powerful +Open Banking Platform and fully documented APIs, Portfolio+ has the power to connect banks, credit unions, and financial institutions with an evolving ecosystem of financial services technology that is putting everyday customers in control of their financial data.
Located in the Greater Toronto Area (GTA), Portfolio+ is used by 6 of the 7 largest financial institutions in Canada and is a part of Volaris Group Inc.