Toronto, ON, Canada – March 6, 2013: Portfolio+ Inc. is pleased to announce the beta 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.
"Since January 21, 2013, the CDS / CANNEX interface has facilitated the settlement of funds related to GIC purchases on behalf of 3 dealers and 5 issuers. CANNEX is now testing the settlement of funds related to maturities, redemptions, interest and commission payments," said Alex Melvin, President of CANNEX. "We look forward to making this functionality available to all financial institutions using Portfolio Plus".
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.
"Same day net settlement will bring further efficiencies to financial institutions that use Portfolio Plus by automating the funds settlement process," said G. Robert Leeming. "We've worked with CANNEX over the past year to bring this service to market and invite any customer to talk to their Portfolio+ representative if they would like to add this functionality to their system."
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.