Toronto-based CommunityLend announced today that it has chosen to work with Strategic Information Technology Limited (“SIT”) as a strategic service partner. CommunityLend will be using Portfolio Plus, a core SIT product, to deepen the functionality of its social lending platform.
“We chose Portfolio Plus because of the way it can marry a solid core banking infrastructure with the flexibility that comes from the latest Web 2.0 technologies,” said Colin Henderson, Chief Technology Officer for CommunityLend. “In addition, the advanced multi-threaded messaging capability within Portfolio Plus will allow us to rapidly scale our operations to introduce new financial services products over time.”
Social lending is a new but rapidly growing segment of financial services. Javelin Strategy and Research recently predicted that Peer to Peer borrowing to eliminate credit card debt could reach as high as $159 billion in North America by 2012.
“We’re excited to have a business partner like CommunityLend fulfill a unique need in the Canadian market by offering the first solution of its kind,” says G. Robert Leeming, President of SIT. “SIT has had a long history of helping pioneers in financial services create new markets and we will be there to help CommunityLend in any way we can.”
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.
CommunityLend is a unique social lending service launching in Canada in mid-2008. 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.”
For more information contact Patrick Lannigan at SIT at 905 640 0808 x356 or Colin Henderson at CommunityLend at 416 646 2177 x. 111