L&T Infotech FSTI to Offer Canadian Financial Institutions an Automated CANNEX-based Transaction Processing Service

-- 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 clients."

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.

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. 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.

Gail Masters, L&T Infotech
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E: [email protected]