Technology provider Seccl has joined forces with Lloyds Bank to launch a new functionality, enabling client payments by bank transfer to clear instantly.
The new tool has integrated with Lloyds Bank’s API, allowing cash sent correctly by bank transfer to clear in under 10 seconds.
Typically, when clients make a payment by bank transfer to their adviser platform, the cash is handled by the platform’s operation team and both clients and their adviser will have to wait several hours or days for the money to be reconciled and allocated to the right account.
Dan Marsh, head of customer at Seccl, 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.”
Seccl said that by removing friction and delay in the investment journey, its operations team is now able to manage around 250,000 client payments per year per operations staff.
Steve Everett, managing director of payables and receivables, client products at Lloyds Bank, said: “We are proud to be supporting Seccl as it strives to improve clients’ investment experience through its enhanced platform functionality.
“Lloyds Bank’s new Event Driven Notification API helps Seccl provide a friction-free investment journey by delivering real-time payment transparency and reconciliation information.”