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SIT Announces Beta Availability of CDS / CANNEX Same Day Net Settlement Service for GIC Funds

Toronto, ON, Canada – March 6, 2013: Strategic Information Technology Ltd. ("SIT") 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 with SIT 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".

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.

"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 SIT 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.

About Strategic Information Technology Limited

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:
Adam Long
Strategic Information Technology
Telephone: 905-640-0808 x452
Email: adaml@stratinfotech.com


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This page was created or refreshed on October 15, 2018 @ 12:07:20
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: Same Day Net Settlement