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Portfolio Plus SEPA Functionality

Portfolio+ Inc. Releases SEPA Functionality for Banks and Non-Banking Institutions

Toronto, ON, Canada – February 17, 2014: Portfolio+ Inc. is pleased to announce that Single Euro Payments Area (“SEPA”) functionality is available for financial institutions and non-financial institutions using Portfolio Plus.

“We’re committed to global expansion of our business, and SEPA functionality is a demonstration of that commitment,” said G. Robert Leeming, President of Portfolio+ Inc. “We’ve created a comprehensive solution for banks and other non-banking institutions to comply with the SEPA requirements.”

SEPA is a payment integration initiative of the European Union (EU) for the simplification of bank transfers denominated in euros. As of February 2014, SEPA consists of the 28 EU member states, the four members of the European Free Trade Association (EFTA) (Iceland, Liechtenstein, Norway and Switzerland), Monaco, and San Marino.

By February 2016, consumers must drop Business Identifier Code (BIC) sorting information for SEPA transactions, since it will be derived from the International Bank Account Number (IBAN) for all banks in the SEPA area.

About Portfolio+ Inc.

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.

 

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