- 31 January 2019 11:28
Value of term deposits using Cashwerkz platform reaches $1.5 billion
Cashwerkz, the leading online platform in Australia uniquely designed for cash investing and wholly-owned by Trustees Australia Limited (ASX: TAU), today announces cash invested using its term deposit platform has reached $1.5 billion. The platform had previously reached in excess of $1 billion on 26 October - ahead of its end-of-October 2018 forecast of $900 million.
Cashwerkz is Australia’s most trusted, reliable and secure online platform for the seamless management and transaction of Term Deposits. It is developed in Australia and exceeds all industry and regulatory prudential regulation requirements. Its highly innovative automated workflow processes means Cashwerkz never accesses the funds being invested, ensuring the highest level of security for investors.
“This milestone has capped off a fantastic period of growth on the Cashwerkz platform as we reach this new and significant milestone,” said Hector Ortiz, Group CEO for Trustees Australia. “By adding new APRA-regulated ADI and wealth management partners onto the platform and ensuring our re-investment levels with current investors remain in strong demand, the Cashwerkz platform continues to surpass forecasts. We now have around 2,000 registered entities and nearly 40 banks trusting we can continue to deliver industry-leading efficiency levels, highlighting the potential for revenue growth in coming months.”
The Australian-developed Cashwerkz platform provides self-managed super funds, fund managers, the wholesale market, custodians, and major superannuation funds with the ability to source market competitive interest rates in real-time and then to transact and manage cash allocations on an end-to-end secure platform. The platform does not receive, handle or direct investor’s money: it simply facilitates the transfer of cash parcels between accounts held and controlled by the investor, their appointed adviser or custodian, via automated instructions to relevant parties. There is no fee payable by the investor. Cashwerkz receives a fee from the issuing ADI.
Additional highlights include:
Growth in operational capability: The Cashwerkz institutional sales team has expanded with the addition of Juliet Shirbin. As an Institutional Relationship Manager, Juliet will be responsible for engaging with the financial institution market. With a strong pedigree of international and Australian financial services experience, Juliet will contribute to the company’s growing footprint in the institutional investor space.
Group Head of Marketing for the Trustees Australia suite of brands, including Cashwerkz and Rim Securities will now be headed by Katherine Sadler, who brings two decades of global financial services experience with her to this role.
New ADI and wealth partners: Recent additions to the APRA-regulated ADI partner suite include Gateway Bank and Bank of us, whilst Elders Financial Planning joins the ever growing network of wealth management partners on the platform.
Continued investment in product development: Recent additions to the Cashwerkz product development team headcount and ongoing research investment levels will ensure the development of the most innovative, Australian-owned online platform for cash investing. The current product road-map will continue to streamline the platform’s workflow efficiencies, secure order handling and audit trails. Slated for launch in 2019 includes a new product offering for at call accounts, which will significantly change the way stockbrokers, institutions and advisers manage their At Call money for their clients.
Ortiz concluded: “The majority of Cashwerkz platform users continue to reinvest cash via the Cashwerkz platform. We find this inspiring. The Cashwerkz platform is now accepted as a highly transparent, efficient cash investment tool delivering more choice for all parties than ever before. We are very proud that our commitment to innovation and this first-to-market approach is being recognised and appreciated across broad sections of the financial services community.”