Akoni provides Cash-as-a-Service with a cash marketplace and cash management solution to the wealth sector. The white label platform works with Private Banks, Wealth platforms and IFA/Wealth management firms providing solutions for their end-customers. This addresses risk/regulatory requirements, as well as benefits to clients across a range of holistic financial wellness relating to cash, including for clients targeting cash and digital solutions for inter-generational wealth transfers.
Benefits to our wealth partners for the firm and end-customers include:
• Providing Relationship Managers/Wealth managers and advisers with visibility of cash, enabling ongoing tracking of cash from multiple sources, as well as a self-service platform for clients.
• Increasing returns on cash for clients, specifically during a covid19 environment with BoE rates at 0.10%, we still have banks paying 10x.
• Spreading risk/multi-bank management - across FSCS government guarantee and using Fitch Financial Implied Ratings (FIRs)
• Ensuring regulatory and governance obligations are met - including Investment pathways cash solution and fiduciary obligations relating to cash within wraps.
• Increasing assets under influence, by including customer cash both on and 'off-platform'
• Cash solutions for inter-generational wealth – with digital ‘family’ portfolios across generations, as well as business, charitable and personal cash management. The platform provides fully digital AML/KYC with no form filling; leveraging Open Banking for a full view of all cash and savings prompts. This is especially beneficial during these times of remote work.
Akoni is an API first platform in addition to a portal option. We also provide rapid deployment roll-out and work with various top 10 IFA firms as well as platforms. The firm is FCA regulated and works with banks including Barclays, Redwood, Investec, Aldermore, Arbuthnot, Cater Allen, amongst others.
Akoni has been featured in Forbes, The Banker and Euromoney with wealth innovation featured on The Breakfast Show by 11:FS and NextWealth, and Akoni winning the Open Up Banking Challenge grant from Nesta.