The Complii customisable software aimed at AFSL holders is said to automate, record and report on regulation obligations by profiling and ensuring ongoing compliance is carried out at both client and organisational levels.
Complii also has created an automated end-to-end capital raising solution from live client and adviser bidding, along with offering letter generation and electronic client acceptance for both retail and institutional clients.
The companies reported it has produced greater efficiency and productivity enhancements for more than 40 broker and dealer groups and 3,000 underlying users.
Complii is in operation at brokerage houses including Shaw and Partners, Canaccord Genuity Patersons, Argonaut Securities and Blue Ocean Equities.
John Nantes, executive chair, Cashwerkz said the partnership was made to collectively solve compliance “cash and fixed interest problems for the advisory community”. The two fintechs are striving to help AFSLs act in their clients’ best interests.
“Our latest strategic agreement with Complii underpins our ongoing commitment to transform and streamline the application, administration and compliance of online at call and term deposit cash investments,” Mr Nantes said.
Cashwerkz noted the enhancement of its compliance chain makes for an “even more compelling use of the platform” for the industry.
“Our authorised deposit-taking institutions (ADI) partners have made it very clear our know your customer (KYC) and anti-money laundering (AML) compliance technologies are a key reason it pays to partner with Cashwerkz,” Mr Nantes said.
“And now we are making it just as imperative for AFSL holders and brokers to rely on the Cashwerkz platform with Complii technology to identify, automate, record and report on the cash investment transaction with powerful performance and efficiency benefits.”
Complii managing director Alison Sarich said the partnership is an example of how fintech continues to innovate and remove the manual processes in the industry.
“We know AFSL holders and brokers have no time for paperwork with the volume of compliance requirements and customer service obligations they have today,” Ms Sarich said.
“They want to focus on the customer. This improves accuracy levels and is an incredible time saver on a day-to-day basis.
“Our alliance with Cashwerkz is going to further leverage what Complii brings to the table. The entire process for sourcing, placing and reporting on the neo-cash marketplace just became so much easier, while being more compliant than ever.”
The Cashwerkz open integration application programming interface (API) also provides a technology roadmap for its alliance partners looking to offer apps for their client base in the future.
Brokerage houses already using Complii can access the Cashwerkz programs.
Both firms intend to approach traditional AFSL holders and brokerage firms in the coming months.
