TORONTO, Ontario — September 7, 2017
SIT 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 SIT, 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 SIT 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 SIT 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 its CANNEX Interface, SIT continues to connect banks and financial services companies with innovative FinTech solutions.
SIT is a Toronto-area FinTech company that connects financial institutions with innovative financial service technologies. Based in Stouffville, Ontario, SIT provides FinTech solutions and services to five of the six largest financial institutions in Canada, and has customers in Ireland and the Caribbean.
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.
Design & Communications Manager, SIT
37 Sandiford Street
(905) 640-0808 ext. 452
Managing Director, Effort Trust
980 Yonge Street, Suite 30
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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
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