Securus International has launched an extension to its offering aimed at revolutionising the way financial advisers are paid
The Swansea-based start-up specialises in electronic and online payments through its core product is Xylyx, which allows a vendor to split payment between multiple accounts and suppliers immediately at point of sale.
The extension, called Tesseras, is an integrated technology platform which should improve efficiency of payments for IFAs, meaning they can automatically receive commission payments on products.
The firm suggested this would be particularly useful for insurance products, allowing long-term commission payments to be made with minimal administrative work.
Paul Langley, chief executive of Securus, said: “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.
“We have various other ideas ahead, all of which will be rolled out from the head office in Swansea, not least an internal automated bought ledger settlement system.”
Securus is a 50/50 joint venture between the investment arm of derivatives trading house OSTC Group and Xcordis Fintech, a company that developed and owns the intellectual property relating to Xylyx.