| P2P Lending

CommunityLend Goes Live

CommunityLend Goes Live with Peer to Peer (P2P) Lending

Stouffville, ON, Canada – January 14, 2009: Strategic Information Technology Limited (“SIT”) is pleased to announce that CommunityLend has gone live with its Peer-to-Peer lending platform utilizing SIT's Open Banking Interface for Portfolio Plus.

"We know it's been a lot of work to pioneer this type of lending in Canada and we'd like to congratulate CommunityLend for surmounting numerous regulatory hurdles to make this happen," said G. Robert Leeming, President of SIT. "We're also proud that they're the first customer to employ our Open Banking Interface in a production environment."

Launching at the end of 2009, CommunityLend invested years of effort in working with the Ontario Securities Commission to ensure the P2P lending platform would be viable and successful for lenders and borrowers alike. CommunityLend has now opened its doors as a "limited market dealer" in Ontario.

CommunityLend is taking aim at a number of inefficiencies in today's market to lower the cost of borrowing while increasing the margins for lenders.

Please refer to an SIT case study to find out more about how CommunityLend utilizes Portfolio Plus in a P2P lending environment.

CommunityLend and SIT

In the fall of 2007 CommunityLend approached SIT to determine if a solution could be provided for the special challenges that P2P banking presents. After a period of intense research, CommunityLend was convinced that SIT’s Portfolio Plus product, with its Open Banking Interface, was the right choice.

About CommunityLend

CommunityLend is a unique social lending service launched in Canada in 2009. CommunityLend will join the social-banking revolution currently underway around the world which Javelin Research predicts will be “a game changing development in financial services interactions.” More regulatory information about CommunityLend can be found on the Ontario Securities Commission website.

For more information about CommunityLend please visit the CommunityLend website.

About Strategic Information Technology Limited

SIT, formed in 1988, develops and markets Portfolio Plus, an extensible banking system that enables customers to plug-in new functionality as required. This is accomplished via SIT's unique Plug-In BankingTM architecture and a Financial Services BusTM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables banks and non-banks to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit/credit or loyalty products, leasing, Equifax and Trans Union credit bureau interfaces, registered investment products, and much more. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.

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, please contact:

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 July 04, 2017 @ 08:31:37
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
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