Seccl launches instant clearing for bank transfers

Seccl launches instant clearing for bank transfers

Seccl has introduced technology that allows for client payments by bank transfer to clear instantly, ready for investment.

The platform technology provider, owned by Octopus, has integrated with technology from Lloyds Bank which allows cash sent by bank transfer to clear immediately and be ready to invest in the market in under 10 seconds.

In contrast, Seccl said, typically when a client makes a payment by bank transfer to their adviser platform, the cash will be handled by the platform’s operations team – and both the client and their adviser will have to wait for hours for the money to be reconciled and allocated to the right account. 

Dan Marsh, Seccl’s head of customer, 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.”

Instead of offering a platform directly to advisers, Seccl provides the tools for firms to operate their own platform, including an individual user interface.

It said its operations team can now manage around 250,000 client payments per year per operations staff.

In October last year, the platform technology business made a raft of senior hires to its management team, including Chris Smeaton, formerly head of commercial marketing at Embark Group, who joined Seccl as head of propositions.

Thomasina McGuigan, previously group head of regulatory advice at Quilter, is Seccl’s head of compliance while Ty Conybear, Ascentric’s former head of business readiness, joined the firm as head of operations.