Continental Bank of Canada Signs Agreement to use Smart Solution's Universa Core Banking SaaS Platform

Canada’s newest bank, Continental Bank of CanadaTM (CBoC) will partner with Smart Solution and use its Universa Premier Core Banking System to support its operations. Smart Solution, a leading provider of financial management solutions, created Universa a state-of-the-art, browser-based banking platform, written from the ground up, using the latest industry standard technologies. Since 2011, Smart Solution has completed twelve successful conversions to its Universa platform. CBoC’s partnership marks Smart Solution's first Universa platform installation for a chartered (schedule “1”) bank and one that currently deals primarily in FOREX transactions.

“We are delighted to have made the decision to implement the new Universa banking platform. This modern, integrated banking platform stood out from the crowd,” said Scott Penfound, President and COO of Continental. “We approached Smart Solution with the idea of migrating from our existing financial system to their Universa platform because of their industry expertise and proven track record.” Penfound added that the staff and management of the Bank are excited about the enhanced capabilities of the new banking support system. “We are confident that the decision to implement this advanced banking platform is a move in the right direction. It will enable us to serve our clients even more effectively and to position ourselves strategically to meet the requirements of a constantly evolving financial industry.”

Continental is a Schedule 1 bank and the first bank with physical locations to launch in Canada in almost 30 years. It is the descendent of Canada’s largest privately owned and operated foreign exchange business, Continental Currency Exchange (CCE). Growing to 17 locations across Ontario and founded by Scott Penfound and his wife, Tracie, Continental Currency has had a thriving 25+ year history, providing Canadians with best-in-class customer service and some of the best rates in over 160 currencies. Scott and Tracie Penfound have envisioned Continental as a complementary bank, a different kind of bank, as “Canada’s Foreign Exchange BankTM”.

“We were very pleased when Continental chose to convert to our Universa platform,” said Iean Tait, President and CEO, Smart Solution. “Continental understands that cutting-edge technology is necessary to provide clients with excellence in financial options and services. Smart Solution is committed to offering technology solutions that are tailored to support the unique needs of its financial industry clients; whether it's meeting the challenges of new products, making friendlier interfaces for end-users or aligning support strategies that are both cost-effective and efficient. With Continental joining our ever-growing Universa client list, we are confident in inviting any financial institution looking to upgrade to a modern, flexible and robust core banking platform at a competitive price, to join our team.”