Toronto, ON, Canada – October 16, 2013: Portfolio+ Inc. is pleased to announce the general availability of the Clearing and Depository Services (CDS)/CANNEX/Portfolio Plus Interface that will facilitate the same day electronic net settlement of funds related to GIC purchases, maturities, redemptions, as well as interest and commission payments. "We’ve been working with Portfolio+ Inc. to test the same day net settlement of funds related to maturities, redemptions, interest, and commission payments," said Alex Melvin, President of CANNEX. "And I'm happy to say that they have extended this testing to Portfolio Plus and is now offering general availability of this enhancement."
Portfolio+ Inc. has been working with CANNEX and GIC/term deposit issuers since 1996 to continually improve the processing and administration of deposit products and has become the leading supplier in the industry.
"We've been aiming to work with CANNEX on the same day net settlement initiative for the last few years, and I'm happy to see our testing phase is now complete," said G. Robert Leeming, President of Portfolio+ Inc. "With these efficiencies in place we've seen examples where billions of dollars' worth of nominee name and client name term deposits can be managed by one or two people."
Portfolio+ customers who wish to implement the enhancements required for same day net settlement should talk to their relationship manager.
CANNEX Financial Exchanges Limited is a privately held Canadian company that has provided data and information services to the financial services industries in Canada since 1983 and the United States since 1996.
CANNEX is an independent third party and is not licensed to sell financial products. None of its shareholders, directors or employees are licensed to sell financial products.
No financial institution or broker/agent organization owns or controls any shares of CANNEX.
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.