Term deposit admin getting easier
Financial services administration provider OneVue and term deposit platform provider Australian Money Market have launched a new term deposit hub that offers daily reporting of accrued interest and instant rollovers between banks.
OneVue chief executive Connie McKeage said the hub allowed advisers to more easily transfer clients between institutions when their term deposits expired.
McKeage said the OneVue Unified Managed Account (UMA) allowed advisers to switch clients to a different institution “without the need for a new application”. Furthermore the funds are “transferred automatically with same-day value maximising the interest earned”.
McKeage pointed to a recent study by the Australian Securities and Investments Commission which found that of the $97 billion placed in term deposits during the review period, 97 per cent was placed into an account offering a special rate. However, at maturity, almost half of those deposits were automatically rolled over to an account with a lower rate.
The hub fits within OneVue’s UMA system and offers rates from more than 20 Australian and international banks and credit unions.
Advisers can effect client transactions immediately through the UMA platform. Interest accrued on term deposits is also reported daily, a feature OneVue described as unique to its system.
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