Toronto, ON, Canada – October 16, 2013: Strategic Information Technology Ltd. ("SIT") 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 SIT 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 SIT has extended this testing to Portfolio Plus and is now offering general availability of this enhancement."
SIT 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 SIT. "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."
SIT customers who wish to implement the enhancements required for same day net settlement should talk to their SIT 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.
SIT, formed in 1988, develops and markets Portfolio Plus which is used by customers like RBC, CIBC, TD, ING Bank of Canada, PC Bank, Canadian Tire, and Manulife. Portfolio Plus offers a unique Plug-In BankingTM architecture and a Financial Services BusTM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables credit unions, banks, trust companies and building societies to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit cards, leasing, and credit bureau interfaces. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.
SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.
Portfolio Plus, Plug-In Banking and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.
For more information:
Strategic Information Technology
Telephone: 905-640-0808 x452
Questions? We have answers.
This page was created or refreshed on March 29, 2019 @ 14:11:03
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: CANNEX Same Day Settlement