Business News

Cashwerkz launches cash marketplace

Cashwerkz has introduced a new online marketplace for cash products designed to allow SMSF members and advisers to manage cash allocations more efficiently.

The offering features two pillars – one site for advisers and one for self-directed consumers such as SMSF trustees.

“Our professional site is designed for financial advisers who can manage multiple clients on the platform,” Cashwerkz chief executive John Edginton told selfmanagedsuper.

“The consumer or self-managed side of the website gives anyone who’s got a self-managed super fund who’s managing it themselves an easy vehicle to go in and assess cash products.

“So in the case of a term deposit, for example, they can look at the market, they can look at the different rates, and then go through a whole order process, including anti-money laundering, and then transact.

“The key with the service is once the initial process has been completed and we have all of that detail on file, when a term deposit matures the individual has the ability to look at what else is in the market and whether or not there is a better deal somewhere else.”

Edginton added the switching process from one cash product to another was seamless when done through Cashwerkz as it removed the need to complete a significant volume of paperwork.

“The other appeal for SMSFs is that there is a large number of them that don’t manage their cash too well and often have cash just sitting in an account not maximising the interest rate available, and we know for a fact the difference between having your cash in one bank as opposed to another can be between 1 per cent and 1.25 per cent,” he said.

Financial institutions currently on the Cashwerkz platform include ING Direct, Macquarie, Westpac, St George and ME Bank.

“These represent a good range and choice of interest rates in the marketplace,” Edginton said.

The service was launched in May and Cashwerkz has been in discussion with several large dealer groups in an effort to have them use the facility.

“We see that as a large growth area for the product,” Edginton said.

Advisers and consumers can access the service free of charge, with Cashwerkz receiving a commission from the financial institutions receiving fund inflows from the platform of usually 10 basis points.

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