Bank Act (Canada)

ISC Selected by Bank of Canada to Operate New Bank Act Security Registry Under Five-Year Contract

Retrieved on: 
Monday, December 4, 2023
Bank, State, Information Services Corporation, Registry, ISC, Information services, Bank Act (Canada), Growth, TSX, Asset management

REGINA, Saskatchewan, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Information Services Corporation (TSX:ISV) (“ISC” or the “Company”) is pleased to announce that the Bank of Canada has selected the Company as operator and technology solutions provider for the Bank Act Security Registry (the “Registry”), which enables security interests to be registered under section 427 of the Bank Act across Canada.

Key Points: 
  • REGINA, Saskatchewan, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Information Services Corporation (TSX:ISV) (“ISC” or the “Company”) is pleased to announce that the Bank of Canada has selected the Company as operator and technology solutions provider for the Bank Act Security Registry (the “Registry”), which enables security interests to be registered under section 427 of the Bank Act across Canada.
  • Once implementation is complete, the Bank Act Security Registry will be capable of 24/7/365 service provision and a range of online submission and search capabilities for customers.
  • “ISC is proud to provide services to the Bank of Canada on this important project,” says ISC President and CEO Shawn Peters.
  • “This five-year contract is a testament to ISC’s expertise in modernizing, streamlining and operating complex registry systems.

Home Capital Announces End of “Go-Shop” Period

Retrieved on: 
Tuesday, January 3, 2023
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Banking, Trust, Legislation, Home Capital Group, TSX, 1933 Banking Act, BMO Capital Markets, News, Risk, Acquisition, SEDAR, Confidentiality, TD, Arrangement, Financial Competitive Act of 2013, Competition Act, Bank Act (Canada), TD Securities, Janus Capital Group, Inc. v. First Derivative Traders, SFC, Security (finance)

During the go-shop period, Home Capital was permitted, with the assistance of its financial advisors, BMO Capital Markets and TD Securities, to actively solicit, evaluate and enter into negotiations with third parties that expressed an interest in acquiring Home Capital.

Key Points: 
  • During the go-shop period, Home Capital was permitted, with the assistance of its financial advisors, BMO Capital Markets and TD Securities, to actively solicit, evaluate and enter into negotiations with third parties that expressed an interest in acquiring Home Capital.
  • During the go-shop period, 38 potential buyers were contacted.
  • Three of the potential buyers entered into confidentiality agreements with Home Capital and were granted access to non-public information about Home Capital.
  • Home Capital did not receive an acquisition proposal during the go-shop period.

designstripe raises $10M from Insight Partners and Silicon Valley Bank to build smart design tools.

Retrieved on: 
Thursday, June 23, 2022
Bank Act (Canada), Insight, Insight Partners, Silicon, IPO, Silicon Valley Bank, Partner, Chevron, Technology, CEO, SVB, Scale, Growth, Investment, SIVB, Nasdaq, Twitter, 1933 Banking Act, Software, Tech, Multimedia, Motion, Video game, Financial services, Shutterstock

MONTREAL, June 23, 2022 /PRNewswire/ -- Montreal-based startup designstripe received a $10M investment from New York-based global venture capital and private equity firm Insight Partners, with participation from  Silicon Valley Bank to help it deliver intuitive and slick creative tools for everyone. The visual communication challenger will use the funding to enhance and expand its design tools in all creative categories including photo, motion and video.

Key Points: 
  • MONTREAL, June 23, 2022 /PRNewswire/ --Montreal-based startup designstripe received a $10M investment from New York-based global venture capital and private equity firm Insight Partners, with participation from Silicon Valley Bank to help it deliver intuitive and slick creative tools for everyone.
  • designstripe is already disrupting the design tool category and has enormous potential across multiple horizontal design categories," said Thilo Semmelbauer, Managing Director at Insight Partners.
  • Silicon Valley Bank is an authorized foreign bank branch under the Bank Act (Canada).
  • SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, and the chevron device are trademarks of SVB Financial Group (Nasdaq: SIVB), used under license.

FCAC mystery shopping report shows banks need to do more to ensure positive outcomes for all consumers

Retrieved on: 
Thursday, May 26, 2022
National Bank of Canada, Risk, Royal Bank of Canada, National Strategy for Trusted Identities in Cyberspace, Exercise, Bank Act (Canada), Bank, National bank, Review, Literacy, Financial Consumer Agency of Canada, Research, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Scotiabank, FCAC, Student, Compliance, Bank of Montreal, Commerce, Person, Government, Government of Canada, Financial adviser, Retail, Online shopping, Risk management, Framework

As part of its mandate, FCAC regularly examines industry practices that impact consumers of financial products and services.

Key Points: 
  • As part of its mandate, FCAC regularly examines industry practices that impact consumers of financial products and services.
  • The main objective was to better understand how front-line bank employees sell financial products and services and how consumers experience the sales process.
  • At the same time, a notable percentage of shoppers who reported a positive experience also recorded a concerning sales experience.
  • FCAC will continue to monitor these important areas for improvement through its ongoing supervision of banks.

Open Letter – Strengthening Canada’s Complaint-Handling System for Bank Customers

Retrieved on: 
Thursday, February 24, 2022
Department of Finance (Canada), GLOBE, Government, Financial Consumer Agency of Canada, Perception, Retail, Industry, Bank Act (Canada), Ombudsman, Medieval Faire (Canada's Wonderland), Mandate, 1933 Banking Act, Ombudsman for Banking Services and Investments, Decision-making, Department, Time, Property management, Cryptocurrency, Investment

The broad consensus is that the current framework for complaint-handling is not working for many financial consumers and there is an urgent need for improvement.

Key Points: 
  • The broad consensus is that the current framework for complaint-handling is not working for many financial consumers and there is an urgent need for improvement.
  • As a non-profit ombudsperson, the OBSI offers consumers a less complicated system and has demonstrated its ability to provide a quality, complaint-handling service.
  • Reduce the incentive for customers to avoid raising a legitimate complaint because theres a perception that the system is biased in favour of the banks.
  • Enhance the consumer-protection system at the federal level, which would also serve as a good example for provincially regulated financial services.

Mark Ripplinger Elected to Fintainium's Board of Directors

Retrieved on: 
Tuesday, October 12, 2021
ACT, Administration, Radius Payment Solutions, Science and technology in Asia, ATB Financial, Solution, Community, Workflow, Optical disc image, API, CFO, Wharton School of the University of Pennsylvania, Board, Distinction, Interac, University of Regina, University, SME, Director, CEO, Accounting, CIO, Leadership, Association, Bank Act (Canada), ACI Worldwide, Technology, Organization, Cooperative Development Foundation, Management

JACKSONVILLE, Fla. and TORONTO, Oct. 12, 2021 /PRNewswire/ -- Fintainium today announced that Mark Ripplinger, President & CEO of Everlink Payment Services for the past 14 years, has been elected to Fintainium's board of directors.

Key Points: 
  • JACKSONVILLE, Fla. and TORONTO, Oct. 12, 2021 /PRNewswire/ -- Fintainium today announced that Mark Ripplinger, President & CEO of Everlink Payment Services for the past 14 years, has been elected to Fintainium's board of directors.
  • Mark Ripplinger, seasoned fintech executive, joins the board of Fintainium--a fast-growing fintech.
  • In addition to his role on the Board of Directors at Fintainium, Mark will continue to serve as a board member of two other organizations: PayTechs of Canada and Cooperative Development Foundation of Canada.
  • "After a thorough and fruitful search, I couldn't be more confident in the positive impact Mark will have on our board and Fintainium as a whole."