Instant deposits added to P1 Platform: bank transfer payments to clear instanteously

P1 Platform users with benefit from 20x more efficient payment processing - accepting client cash until the last moment of the Tax Year

2 minute read

The P1 Platform, working with their technology provider Seccl, has launched functionality allowing client payments made by bank transfer to clear and invest instantly.

Typically, when a client pays by bank transfer to their adviser platform, the cash will be handled by the platform’s operations team – with both the client and their adviser having to wait a few hours up to a few days for the money to be reconciled and allocated to the right account, ready to be invested.

The P1 Platform, continuing to showcase the power of open APIs, is now integrated with Lloyds Bank’s new ‘Event-Driven Notification’ API. This integration means clients of the P1 Platform can instantly put their money to work. For example, cash sent to the P1 Platform via bank transfer (having already created an expectation on the platform for it) will be visible in their platform account instantaneously and available for investment in under 10 seconds.

As well as removing a significant point of friction and delay in the investment journey, the new functionality is instrumental in allowing the P1 Platform to provide a market-leading level of operational efficiency to our clients. This application of open APIs is another demonstration of their power in delivering platform efficiency. It also highlights how advisers and their clients can benefit when platforms focus on tackling existing bottlenecks with technology and providing impactful yet straightforward features and functionality core to an investment platform.

James Priday, CEO of P1 Investment Management, commented:

“This is a really welcome development that creates a positive outcome for clients, advisers and our own platform staff alike. It’s thanks to operational efficiencies and digital processes like these that we can operate our platform without significant headcount – all while providing a better service than existing, third-party platforms.”

(The P1 Platform is top of the Lang Cat Platform Service leader board as voted for by advisers and recently recognised as a digital champion by NextWealth.)

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