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
Value of term deposits using Cashwerkz platform reaches $1 billion
26 October 2018: Cashwerkz, the online platform for cash investing wholly owned by Trustees Australia Limited (ASX: TAU), has increased the amount of cash invested using its term deposit platform to exceed $1 billion. This exceeds the previous end-of-October forecast of $900 million.
Cashwerkz has developed a trusted, reliable and secure online platform for cash investing, to seamlessly manage and transact Term Deposits.
The platform displays available interest rates in real time, researches the market to find the most competitive rates, and can transact and manage cash allocations for retail investors, wholesale investors, self-managed superannuation funds, major Australian superannuation funds, mid-market institutions and custodians and their clients. The platform also provides an easier way for investors to manage ongoing maturities.
The Cashwerkz platform encompasses:
• offering a one-time streamlined identification and verification and investment process (patent pending);
• combining this with an efficient rollover and switching process at maturity, providing term deposit investors with a transparent cash investment solution;
• researching, collating and showing comparable term deposit rates and terms offered by participating ADIs; and
• capturing in one place the KYC (Know Your Client) and Anti-Money-Laundering (AML) obligations that can apply to investing.
Cashwerkz delivers additional security surrounding investors’ funds, because the platform does not receive, handle or direct investors’ money: it simply facilitates the transfer of cash parcels by providing the instructions to the relevant parties. The investment decision is always up to the investor or their adviser; Cashwerkz does not provide advice and does not charge fees to investors. Cashwerkz receives a fee from the issuing ADI.
Trustees Australia Group CEO, Hector Ortiz said, “The Cashwerkz platform is rapidly being accepted as an extremely efficient, reliable and secure online platform for cash investing. This piece of independent financial services infrastructure makes current workflows more efficient across the board, reduces processing and Customer Acquisition Costs for ADI’s, improves audit trails and security, and allows financial intuitions of all types to clearly demonstrate customer best
Hector added, “The Banking Royal Commission couldn’t be more timely or poignant for Cashwerkz and what it has to offer the entire sector and we expect the accelerating take up to continue for some time”.