Platform technology provider and Octopus-owned custodian Seccl has launched instant deposits, allowing client payments made by bank transfer to clear and invest instantly.
To provide the service Seccl has integrated with Lloyds Bank’s new event driven notification API in order for clients of Seccl-powered platforms to transfer money to their platform account immediately which can be executed in the market in under 10 seconds.
Seccl’s operations team can now manage around 250,000 client payment per year per operations staff as a result of the new functionality. The technology provider claims this is roughly 20 times that of a comparable adviser platform.
Dan Marsh, head of customer at Seccl, said: “This is just one of the ways in which technology can make life fundamentally easier for advisers using Seccl-powered platforms. No more rushing around at Tax Year End to make sure clients send their cash ahead of an internal operations deadline; now, they can move and invest their cash completely instantly, and entirely seamlessly. It’s also a good example of how we want to make the experience as efficient – and therefore affordable – as possible.”
Founded in 2017 and based in Bath, Seccl aims to help financial advisers, wealth managers, discretionary fund managers and fintechs deliver faster, cheaper and more flexible platform solutions to help manage and administer client money.
The technology company is owned by London-based financial services group Octopus which also owns Octopus Investments. It acquired the technology firm in August 2019 in a £10m deal to disrupt the platform technology market that underpins retail financial services.
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