MCAN FINANCIAL GROUP LAUNCHES DIRECT-TO-CLIENT GICS THROUGH PORTFOLIO+'S API INTEGRATION

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 approah 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.

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.

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 | [email protected] | TSX: MKP

For More Information: 

Portfolio+ Inc. - Media Contact:
Donna Galloway
VP, Marketing
[email protected]

SOURCE Portfolio+ Inc.

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