| Settlement Process

CANNEX Settlement using Clearing and Depository Services

SIT Announces Upcoming GIC Funds Settlement Feature for CANNEX

Toronto, ON, Canada – October 15, 2012: Strategic Information Technology Ltd. (“SIT”) is pleased to announce that it will be releasing functionality for the CANNEX / Portfolio Plus Interface that will facilitate the same day net settlement of funds related to GIC purchases, maturities, redemptions as well as interest and commission payments.

"We've been working with CDS (Clearing and Depository Services) and SIT, for the past year, to develop an efficient funds settlement process for orders and other GIC events processed through CANNEX" said Alex Melvin, President of CANNEX. "We expect this SIT functionality to be available for testing in early November."

SIT has been working with CANNEX and GIC / term deposit issuers since 1996 to continually improve the processing and administration of deposit products.

"Portfolio Plus and CANNEX enable our customers to raise millions of dollars of deposits with the press of a button," said G. Robert Leeming, President of SIT. "This GIC funds settlement functionality will ensure the utmost accuracy and efficiency in the settlement process."

About CANNEX

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.

For more information:
Alex Melvin
CANNEX
Telephone: 416-926-0882
Email: alex@cannex.com

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:
Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com

 

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This page was created or refreshed on November 22, 2017 @ 15:40:43
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
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