The partnership will give access to advisers using Praemium to the Cashwerkz platform, offering from a number of Authorised Deposit Taking Institutions (ADIs), in one single platform and administration environment.
“This strategic fintech alliance is another win for the organisations involved, Australian investors and also for our ADI partners,” said Cashwerkz’s chief executive Hector Ortiz.
“The transparency of our online marketplace allows investors and wealth managers alike to confidently search for competitive market rates.
“Our homegrown technology streamlines investor identification and onboarding for cash investment facilities and rollover capabilities, which is ideal for wealth managers.”
Praemium head of product and marketing Mat Walker said his company is also exploring further opportunities with Cashwerkz across its other managed accounts solutions.
“One of the major strengths of the Praemium platform is its ability to facilitate the broadest range of investment assets for consolidated reporting,” Mr Walker commented.
“Our Virtual Managed Accounts solution has been the market leader for a long time in the non-custodial investment space and currently reports on more than $140 billion of investment portfolios and assets.
“The combination of Cashwerkz broad range of term deposits and at-call solutions with Praemium’s market-leading open architecture, data feeds and reporting will provide great efficiencies for advice businesses.”
Eliot Hastie is a journalist on the wealth titles at Momentum Media.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).