Online term-deposit platform service Australian Money Market is in talks with a number of dealer groups and financial planning platform providers as part of the company's expansion plans.
The Australian-based fully automated transactional service already has around 50 dealer groups on its books, with the firm close to reaching agreements with another large unnamed group and a number of major planning platforms, Australian Money Market marketing manager Liz Henshaw said.
"The process [of Australian Money Market] represents a significant transformation for the cash industry within the financial services. It makes term deposits more viable, far more attractive, and easier to administer. It allows a choice all in one place, and makes the portability of funds easy," Henshaw said.
"We continue to take on more dealer groups once they have discovered this platform who we are and what we provide. They generally endorse our product to their financial planners and suggest our solution would certainly aid financial planners who are interested or may be interested in term deposits."
The firm has struck data feed arrangements with Xplan and Visiplan, however Henshaw would not be drawn on any other platforms the company is in talks with.
"If we can get on every platform that is used across Australia I think we would have met our goal," she said.
In terms of future expansion plans, Henshaw said the company intends to take the service offshore.
Australian Money Market was formed in 2007 by managing director Stephen Jewell and Brisbane-based funds management firm DDH Graham Limited.
The service works by allowing the client to open an account and have access to a choice of around 20 financial institutions, the client makes the selection online while Australian Money Market deals with the administration of transferring the funds.
