Digital investment services provider WealthKernel has launched Instant Matching Deposits in the aim of allowing for faster investor account funding.
Powered by cloud-based ClearBank, the new offering brings an immediate account transaction option as an alternative for investors who otherwise must wait for payments to clear to start trading.
Karan Shanmugarajah, WealthKernel CEO, commented: “WealthKernel prides itself on working with diverse businesses that are disrupting the investment sector and creating positive change, be it through the likes of ESG-focused investment programmes or by supporting demographics who are often underserved by existing products.”
WealthKernel’s clients will receive automated reconciliations, as Instant Matching Deposits is using ClearBank’s real-time Faster Payments Service scheme via APIs. The clearing bank also provides WealthKernel with Client Money Accounts which will be used to hold funds on behalf of customers in accordance with the obligation for monetary protection under CASS7.
Shanmugarajah added: “To give these innovative companies the best chance to succeed, they need a better trading tech stack that is easy to embed and scale. By partnering with ClearBank and utilising its embedded banking infrastructure, we’re addressing this need and are confident that the solution will open up the market for our clients and ensure a better experience for their end-users.”
In a joint statement both companies noted a ‘dramatic increase’ in retail investing and the need for new services and capabilities by trading and wealth management providers to create support for specific demographics.
By launching Instant Matching Deposits, WealthKernel hopes to improve scalability and reduce the potential errors of investment allocations.
“ClearBank is proud to work with fintechs like WealthKernel that want to challenge the status quo by pioneering new services and capabilities that help providers to both innovate and differentiate as well as create better and more inclusive services,” added Charles McManus, CEO of ClearBank.
“WealthKernel’s new Instant Matching Deposits product demonstrates how our embedded banking technology can help financial service providers to create pioneering services that meet the demands of new customer segments as well as improve operational efficiencies and provide elasticity. With this new service launch and the recent funding raise, WealthKernel is perfectly positioned to push the industry forward and we’re excited to be part of that journey,” McManus concluded.