Moneysoft expands footprint with Investfit and Xeppo integrations
Moneysoft has struck new deals to integrate its cashflow as a service solution with goalsbased advice software Investfit and software data connector Xeppo. The partnerships bring together powerful technology and the capability for financial services providers to offer customised solutions that meet the individual needs of their client base. Moneysoft founder and managing director, Peter Malekas, said the integrations will unlock new insights for financial services businesses, supporting deeper client engagement while also identifying future leads and increasing efficiency. “We’re putting control back into the hands of funds, advisers and brokers to say what they want to achieve and how they want it to look and feel. These new integrations […]
The rise of cashless society – is your business listening to your customers?
You will often hear a small business owner complain about the banks ‘taking their cut’ of every transaction. The cost of having a transaction machine can feel like a big expense for some businesses; and many then pass those costs onto their customers in the form of surcharges. However, with the introduction of tap and go technology comes numerous cost-effective options available to the small business owner – and Australian customers are loving them; a recent survey by the RFI Group reveals that 32 per cent of Australians believed they could go cashless. The same survey shows that Australia currently has the highest use of contactless tap and go cards […]
Blockchain in race to remake one of the world’s oldest markets
The blockchain revolution is gunning for the gold market. Public online ledgers that emerged from the explosive markets for bitcoin, a virtual currency, already have drawn the attention of businesses from banks to retailers who see blockchain systems as a revolutionary way to verify and record transactions. Now, companies including exchange owner CME Group, IEX Group spinoff TradeWind Markets and financial technology firm Paxos are rolling out similar platforms to bring gold into the digital age. About $US27 billion ($34.1 billion) of gold changes hands every day in over-the-counter markets where settlements can sometimes takes days, leaving price risk for buyers and sellers. Using blockchain promises more transparency, security and […]
ClearView selects Prime for scaled advice
IRESS today announced that ASX-listed wealth management, financial advice and insurance group, ClearView, has selected XPLAN Prime as its objectives-based, scaled-advice solution. XPLAN Prime allows financial advisers to deliver objectives-based scalable advice to meet a range of client needs and save significant time, by leveraging the advice capabilities of the XPLAN platform. IRESS Managing Director for Wealth Management, Tizzy Vigilante, said: “We are delighted to be delivering Prime for ClearView. XPLAN Prime is available and suitable for all businesses providing financial advice. “We know consumers everywhere are increasingly seeking more options in what financial advice they receive and how advice is accessed for specific or comprehensive needs. […]
Wealth begins its blockchain reaction
Ambitious financial services firms are driving Australia’s global leadership in the development of blockchain technology, which is already delivering productivity and innovation benefits to the nation’s trillion-dollar wealth industry. BNP Paribas Securities Services has progressively stepped up its blockchain expertise in the Australian market because it sees a nation filled with opportunities. BNP Paribas global head of securities services, Patrick Colle, says Australia has been a business investment stronghold because in many areas it is “the most advanced in the world.” Colle says an important attribute making Australia one of the most sophisticated global markets on blockchain is the initiative of the ASX to replace its dated CHESS clearing and […]
zipMoney secures $40M strategic investment and relationship with Westpac
zipMoney Limited (ASX: ZML) is pleased to announce that it has secured a $40 million strategic investment in the Company from Westpac Banking Corporation (ASX: WBC) by way of a private share placement. Westpac and Zip have also entered a strategic relationship which allows the parties to explore the integration of Zip’s products and services across Westpac’s network throughout Australia. As part of the strategic relationship, the parties will explore other initiatives including the provision of currently in-development business-to-business products and services to Westpac. The WBC strategic investment will be by way of a $40 million ordinary equity investment comprising the subscription of 49,382,716 fully paid ordinary zipMoney shares at […]
Advice practices need to pay attention to next disrupters
Managed accounts, robo-advice, and scaled advice are going to be the norm in the next two to three years, Netwealth believes. Presenting at Money Management’s Fintech, Platform and Wraps conference on Thursday, Netwealth head of managed accounts – strategy and development, Steve Thomas said advice businesses were not fully across technologies that were available. Thomas said 29 per cent of advisers were using some level of scaled advice and 31 per cent expected to use it in 12 to 18 months. “They recognise that scaled advice can certainly help in the ongoing management of their clients,” he said. “The interesting part is for those 29 per cent using it, 40 […]
YTML: ASIC’s example SoA ‘not balanced’
Customer take up of life insurance advice could be adversely effected if Statements of Advice (SoA) for life insurance do not take a more balanced approach to the information they communicate. This is the feedback YTML General Manager Advice Delivery, Terri Ho submitted to the Australian Securities and Investments Commission (ASIC) on the example SOA provided in Consultation Paper CP 284, which YTML say does not prioritise the information consumers are most looking for, the advice. ‘We believe the disclosure of commissions is over played in its current position in the SOA. This represents too much focus on remuneration.’ Further: ‘One of our key suggested improvements is to change the positioning of the […]
