JOINT MEDIA ANNOUNCEMENT
- SelfWealth Limited (SWF) transitions to OpenMarkets creating greater efficiencies for users and the Company
- The change in platform will create a more streamlined process and improve user experience
- The transition speeds up the on-boarding process and HIN/asset transfers
- The efficiencies that OpenMarkets provides will enable SelfWealth to scale its business and concentrate on platform innovation
Melbourne, Australia Monday 22 January 2018: SelfWealth Limited (ASX:SWF) (SelfWealth or the Company), an Australian FinTech business offering a flat fee brokerage service and social portfolio construction network for Australian investors, is delighted to announce it has integrated with industry-leading digital stockbroker, OpenMarkets, to access enhanced online trading execution and settlement services.
SelfWealth is focused on Australia’s growing network of self-directed investors, providing a flat fee online brokerage service and social network based portfolio construction function. SelfWealth TRADING offers self-directed investors a flat fee of $9.50 per trade, regardless of trade size, to trade on the ASX. It also offers SelfWealth PREMIUM, an online network that enables members to track and target the performance of thousands of other portfolios in the community to assist their own investing.
SelfWealth selected OpenMarkets due to its superior, low-latency execution services and technological efficiencies; including real-time trading API services, which enables SelfWealth to execute equity trades on the ASX in real-time and receive live order feedback within sub-seconds.
The sophistication of OpenMarkets API solutions is industry leading and will provide an enhanced user experience for SelfWealth’s users. A key benefit of real-time streaming information is that users will be able to see the status of orders immediately, preventing the placement of duplicate orders resulting from delayed feedback and importantly, this integration ensures SelfWealth’s flat brokerage promise to its users remains.
SelfWealth will benefit financially through the efficiencies that OpenMarkets provides that will further enable the Company to scale its business and concentrate on platform innovation.
Andrew Ward, Founder and Managing Director of SelfWealth, said: This integration takes our Company to the next level as it will allow us to scale the business more rapidly while reducing the number of additional resources required to support this growth. The increased automation from the OpenMarkets process will allow SelfWealth employees to focus on new developments and innovations.
We’re also enhancing the user experience with the integration set to speed up the on-boarding process for new users, reducing it from three days to 24 hours, and for those transitioning from brokers, the process will now only take three days instead of up to eight.
SelfWealth and OpenMarkets are like-minded technology-driven investment platforms focused on innovation and positive outcomes for clients, said OpenMarkets CEO Andrea Marani.
This is a significant win for OpenMarkets we differentiate our business through technical capabilities and are passionate about disruption through technology. SelfWealth is now the largest user of OpenMarkets API.
With a passion for disruptive technology and a focus on enhanced user experience, SelfWealth and OpenMarkets will work together to bring new innovations to the wealth management industry.
For enquiries, please contact:
Tel: +61 (2) 9237 2822
Tel: +61 (3) 8199 7702
About SelfWealth (ASX:SWF)
Established in 2012, SelfWealth is a unique, peer-to-peer share trading platform is comprised of two offerings SelfWealth TRADING and SelfWealth PREMIUM with a focus towards self-directed investors.
SelfWealth’s proprietary software platform SelfWealth TRADING offers a low, $9.50 commission-free flat fee ASX brokerage service, regardless of trade size. SelfWealth TRADING has recently won the Cheapest Online Broker category in Money magazine’s 2018 Best of the Best awards.
SelfWealth PREMIUM, introduced in 2017, is a social investment network that allows users to compare and construct portfolios with others on the platform for the first time in Australia. Combining cloud capabilities, the PREMIUM network uses proprietary diagnostic tools to measure investment performance and diversification, providing users with a Wealth Check Score and Safety Rating that can be benchmarked against others on the platform.
Open Thinking. Open Technology. Open Opportunities.
OpenMarkets Australia Limited (OpenMarkets) is an innovative online stockbroker that provides execution-only brokerage services to retail traders, financial advisers and intermediaries, with a speciality in open APIs and third-party integration. It is a full market participant of ASX, Chi-X, NSX and SIM VSE, meaning it trades, clears and settles its own trades.
Since its 2013 launch, OpenMarkets has rapidly grown its trading turnover, consistently ranking in the top 15 brokers in Australia by volume.
In 2016 OpenMarkets received a 5-star CANSTAR rating for outstanding value in share trading, was awarded 3rd place winner in the Deloitte Technology Fast 50 in November and was ranked #34 in the 2017 AFR Fast Starters List.
OpenMarkets sets itself apart from other brokers with its technology capabilities, open APIs and open philosophy towards third party integration. Its growing network includes banks, external trading platforms, administration platforms, managed accounts platforms and financial planning software.