This strategic move marks MCAN's commitment to providing
Canadian clients with accessible and secure investment options.
TORONTO, June 19,
2024 /CNW/ - Portfolio+ Inc. (Portfolio+), a leading
Canadian provider of financial services systems and technologies,
proudly announces its collaboration with MCAN Financial
Group (MCAN) in launching a new direct-to-client Guaranteed
Investment Certificate (GIC) channel powered by Portfolio+'s term
deposit software, through its MCAN Wealth brand.
The Portfolio+ cloud-native core banking system, coupled with
its robust application programming interface (API), played a
pivotal role in MCAN's initiative, launched in February 2024. Leveraging the Portfolio+'s term
deposit system, MCAN seamlessly originates and manages GICs, while
also harnessing the power of Portfolio+ APIs to innovate and
enhance consumer experiences with digital direct-to-client
GICs.
President and CEO of MCAN, Don
Coulter, expressed enthusiasm about the new channel,
stating, "The growth of MCAN Wealth and this direct-to-client
channel represents our ongoing commitment to innovation and
client-centric solutions. We believe in empowering individuals to
invest in their financial future."
MCAN Wealth offers a suite of GIC products tailored to
meet the diverse financial goals of Canadians. Clients can
benefit from competitive interest rates, ensuring steady growth in
their investments. The platform is designed to be user-friendly,
providing a seamless and convenient investment experience. MCAN
Wealth's GICs are eligible for CDIC insurance, providing investors
with added security and peace of mind.
MCAN has seen an impressive response to the new channel. "We're
building brand awareness and generating a lot of demand through our
multichannel approach to grow this line of business," shared MCAN
COO Avish Buck.
"We are happy to be a partner alongside MCAN to help them
realize this strategic opportunity which will help them grow their
client base," said Dianne Cupples,
CEO of Portfolio+ Inc. "With Portfolio+'s proven term deposit
platform, MCAN was able to expand their offerings to a new target
market and increase their overall deposit book of business by
automating their workflows for selling and processing term
deposits."
Visit mcanfinancial.com for more information on MCAN's new
direct-to-client GICs.
About Portfolio+
Inc.
Portfolio+ banking systems and technologies connect financial
institutions with fintechs and industry partners, offering a
trusted platform for revolutionary banking experiences. Its
powerful cloud-native core banking system and RESTful API offer a
flexible foundation for secure open finance integrations and some
of the industry's most innovative Banking-as-a-Service solutions.
Designed in Canada, Portfolio+
solutions are thoughtfully developed to support the evolving
ecosystem of financial services technology and putting consumers in
control of their financial data.
Located in the Greater Toronto
Area, Portfolio+ is used by 5 of the 7* largest financial
institutions in Canada, as well as
Forbes' best banks. Portfolio+ Inc. is a part of Volaris Group
Inc.
For more information, please visit portfolioplus.com.
*Based on TSE market capitalization figures retrieved in
October 2023.
About MCAN Financial
Group
MCAN Mortgage Corporation d/b/a MCAN Financial Group is a public
company listed on the Toronto Stock Exchange under the symbol MKP
and is a reporting issuer in all provinces and territories in
Canada. MCAN also qualifies as a
Mortgage Investment Corporation (MIC) under the Income Tax Act
(Canada). MCAN is the largest MIC
in Canada and the only federally
regulated MIC.
MCAN's primary objective is to generate a reliable stream of
income by investing in a diversified portfolio of Canadian
mortgages, including residential mortgages, residential
construction, non-residential construction, and commercial loans,
as well as other types of securities, loans, and real estate
investments. MCAN employs leverage by issuing term deposits that
are eligible for Canada Deposit Insurance Corporation deposit
insurance. MCAN is Investing in Communities and Homes for
Canadians.
mcanfinancial.com | mcanexecutive@mcanfinancial.com | TSX:
MKP
For More Information:
Portfolio+ Inc. - Media Contact:
Donna Galloway
VP, Marketing
donna.galloway@portfolioplus.com
SOURCE Portfolio+ Inc.