-- The cloud-hosted solution enables banks, mutual fund and insurance
companies to automatically process GIC and DII transactions on L&T
Infotech's Unitrax® platform --
MISSISSAUGA, ON, July 19, 2012 /CNW/ - L&T Infotech Financial Services
Technologies Inc. (FSTI) today announced the expansion of its transfer
agency record keeping solution to support the CANNEX Financial Network
(CFN) for the automated processing of Guaranteed Investment Certificate
(GIC) transactions. The solution is available for financial
institutions that are already or looking into using L&T Infotech FSTI's
leading Unitrax® solution to improve their back-office transaction
processing and administration services.
The decision to expand L&T Infotech FSTI's platform to support the
industry-leading CANNEX solution was a natural evolvement of the
company's service offering to the marketplace as it has already been
supporting other core features for GIC and Daily Interest Investment
(DII) transactions and administration processing.
According to Mark Hubbard, head of L&T Infotech FSTI, "It is part of our
corporate strategy to align our technology with where our clients are
going, both within the transfer agency space and beyond. An automated,
cloud hosted solution is the most efficient way to lower the total cost
of ownership, increase operating efficiency and ensure ongoing
adherence to industry standards at the same time."
Alex Melvin, President of Cannex Financial Exchanges Ltd added, "In the
past 12 months CANNEX has facilitated the electronic purchase of $43.7
billion worth of GICs and term deposits with 52 financial institutions
in a fully Straight Through Processing environment. We look forward to
making these services available to L&T Infotech and all its Unitrax
About L&T Infotech FSTI
Larsen & Toubro Infotech Financial Services Technologies Inc. (L&T
Infotech FSTI) is the leading provider of transfer agency, fund
administration software products, solutions and services in Canada.
Headquartered in Mississauga, Canada and a subsidiary of L&T Infotech,
L&T Infotech FSTI offers SaaS-based, end-to-end technology solutions to
the banking and financial service industries with particular focus on
the wealth management products of the banking, mutual fund, insurance
and alternative investment sectors.
L&T Infotech FSTI's flagship product, Unitrax®, is widely deployed
across Canada, supporting in excess of $400 billion in assets under
management (as of Dec 31, 2011) spanning 175 fund manufacturers, asset
managers, banks, mutual fund and insurance companies in support of
numerous wealth management products.
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. Additionally, the company provides transaction processing and
admin services, custom / proprietary application development and
hosting services to dealers and financial institutions in Canada and
the United States.
For further information:
Gail Masters, L&T Infotech