Securus International has launched an automated electronic system aimed at streamlining the way in which financial advisers are paid by providers.
The Swansea-based start-up firm’s core product is Xylyx – which allows vendors to split payment between multiple accounts and suppliers immediately at point of sale.
The extension of the system, called Tesseras, is an integrated technology platform that can be used in conjunction with Xylyx, which could bolster the efficiency of payments for IFAs, according to the company.
Securus said the system could be particularly useful for insurance products – allowing long-term commission payments to be made with minimal administrative work.
Paul Langley, chief executive of Securus International, said: “We felt the time was right to unveil Tesseras, a complementary product that also has the potential to change the way things are done in certain industries.
“We believe one of the largest user bases of this technology could be those in the IFA sector, due to the ease of splitting payments between an IFA and a financial product provider, such as an insurance company.
“We are currently in discussions with finance companies interested in this platform, which could greatly streamline and enhance the way in which IFAs and those getting paid on a commission basis within the finance industry, receive their pay.”
Securus International is a 50-50 joint venture between the investment arm of OSTC Group and Xcordis Fintech – a company that has developed and owns the intellectual property relating to Xylyx.
Adviser view
Jeremy Edwards, financial adviser at Leicestershire-based Bankfield Financial Advisers: “It does sound like they have found a solution to a problem that does not really exist. There is not much of a delay from when the product is sold to when the adviser receives the commission. When we receive the commission, we usually split the premiums in the following months.”
