TORONTO, Ontario — September 7, 2017
Portfolio+ Inc. today announced that Effort Trust, an Ontario-based trust company specializing in financial services, real estate and asset management, is now live on the CANNEX Financial Network (CANNEX). Using the CANNEX Interface from Portfolio+ Inc., Effort Trust joins the largest network of deposit issuers and brokers in Canada.
“This is a tremendous opportunity for us, and we’re excited to be joining the CANNEX network,” said Eric Weisz, Managing Director of Effort Trust. “CANNEX has become a very important part in how GIC and term deposit information and applications are exchanged in Canada, and Effort Trust is very pleased to have access to its automated processing and administration features. This initiative will allow us to extend our reach and offer our products to more GIC and term deposit distributors and customers across the network.”
Once it made the decision to join CANNEX, Effort Trust worked with Portfolio+ Inc. to implement the solution within a couple of months.
“We’re live and we’re accepting nominee deposits on the network right now,” said Weisz. “The Effort Trust and Portfolio+ teams brought this together quickly and efficiently, and we’re optimistic about what we can accomplish together in the future.”
“The launch day went very smoothly,” Weisz said, “and we look forward to the benefits provided with an automated process. We will be able to continue to grow our deposit base without the additional costs associated with manual processes.”
Like with its CANNEX Interface, Portfolio+ continues to connect banks and financial services companies with innovative FinTech solutions.
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.
Effort Trust is a financial intermediary, that focuses on matching retail customer deposits and deposits sourced through investment dealers and deposit brokers with residential and commercial mortgages. Effort Trust is equipped with the personnel and resources required to meet a wide range of financial needs, from the small investor seeking the best rate of return on a term deposit to a corporation refinancing a multi-million-dollar commercial mortgage.
The CANNEX Financial Network (CFN) is a facility that automates application processing and administration of Term Deposits and GICs. Participants on the CANNEX Financial Network are product issuers and advisors from the dealer organizations.