Cashwerkz Limited (ASX:CWZ) Executive Director, Craig Swanger talks about the company’s platform, the benefit it provides for both banks and…
Written by Cashwerkz Published: October 24 2019 Press Release
Cashwerkz and Complii sign alliance to automate compliance process for stockbrokers and their clients placing online cash investments
2 December 2019: Leading FinTech Cashwerkz Limited (ASX: CWZ) has continued to establish innovative partnerships for the benefit of the financial services industry and the end consumer. Today it announced it has integrated its digital cash investment platform with Complii FinTech Solutions Ltd (Complii), the secure digital platform which provides an electronic centralized framework to manage AFSL (Stockbroker/Financial Planner/Advisor) centric workflows for compliance, capital raising and operational efficiencies.
The Complii customisable software automates, records and reports on regulation obligations by profiling and ensuring ongoing compliance is carried out at both client and organisational levels. Complii also creates an automated end-to-end capital raising solution from live client and/or adviser bidding, offer letter generation and electronic client acceptance for both retail and institutional clients. It has produced greater efficiency and productivity enhancements for over 41 broker and dealer groups and 3000 underlying users. Complii is in operation at many leading brokerage houses including Shaw and Partners, Canaccord Genuity Patersons, Argonaut Securities and Blue Ocean Equities.
“We are really delighted to announce this strategic partnership as we collectively solve significant compliance cash and fixed interest problems for the advisory community to help them all act in their clients’ best interest” said John Nantes, Executive Chair. “Our latest strategic agreement with Complii underpins our ongoing commitment to transform and streamline the application, administration and compliance of online at call and term deposit cash investments.”
The enhancement of the Cashwerkz compliance chain makes for an even more compelling use of the platform for the Australian financial services industry and its customers.
“Our Authorised Deposit-Taking Institutions (ADI) partners have made it very clear our Know Your Customer (KYC) and Anti Money Laundering (AML) compliance technologies are a key reason it pays to partner with Cashwerkz. And now we are making it just as imperative for AFSL holders and brokers to rely on the Cashwerkz platform with Complii technology to identify, automate, record and report on the cash investment transaction with powerful performance and efficiency benefits.”
For Complii Managing Director, Alison Sarich, the alliance is a shining example of how fintech continues to innovate and remove the manual processes in the industry. “We know AFSL holders and brokers have no time for paperwork with the volume of compliance requirements and customer service obligations they have today. They want to focus on the customer. This improves accuracy levels and is an incredible time saver on a day-to-day basis.”
She continued: “Our alliance with Cashwerkz is going to further leverage what Complii brings to the table. The entire process for sourcing, placing and reporting on the neo-cash marketplace just became so much easier, whilst being more compliant than ever. This further frees up AFSL holders and brokers to focus on their clients, and not worry about manual paperwork and the issues that surround this.”
The Cashwerkz open integration Application Programming Interface (API) also provides a technology roadmap for its alliance partners looking to offer apps for their client base in the future.
Cashwerkz is the leading digital-only cash investment platform. It is designed to deliver bank-grade security and does not handle investors’ money or charge a fee to investors. Instead, it gets paid by the issuing ADI partners on its platform for cash investments. This makes Cashwerkz a powerful cash management offering for self-managed super funds (SMSF), financial advisers, fund managers, the wholesale market, custodians, and Industry superannuation funds.
Brokerage houses already using Complii can access the Cashwerkz platform from today. Both firms intend to approach additional AFSL holders and brokerage firms in the coming months to help them meet their best interest obligations and solve for cash and fixed interest accordingly.
For additional company information or media enquiries please contact:
Katherine Sadler, Group Head of Marketing, Communications & Investor Relations
0457 562 645
Email: [email protected]