US turnkey digital wealth management platform, Unifimoney, has partnered with payments technology company Episode Six to use the latter’s digital ledger system.
The real-time intelligence ledger system provides a platform for Unifimoney to manage its various asset classes as the company looks to build its product set and features.
“It took us about two years to find a ledger that was capable of supporting all the different asset categories and providing a real-time intelligent ledger, and we found that in Episode Six,” Ben Soppit, CEO at Unifimoney, told bobsguide.
“Having a real-time intelligent ledger allows us to perform a lot of sophisticated account management tasks, both in the back-end and the front-end, and a lot of risk and fraud mitigation. It gives us a very compelling, comprehensive picture of the business in real-time,” he added.
Episode Six’s ledger system allows its clients to establish accounts and create relationships between them. Once established, those accounts can store fiat or digital assets that can be managed, recorded, and tracked.
Unifimoney is implementing the ledger system in three phases, beginning with its current product and services, including robo-advisory, self-managed investing, cryptocurrency and precious metals.
The second phase will include integrated account statements, real-time transaction monitoring, and funds flow optimisation.
The final phase will comprise new products and services such as credit cards, IRAs, and alternative assets.
The first phase is expected to be completed in June, with the next two phases implemented on an ongoing iterative basis.
Unifimoney will access Episode Six’s cloud-based ledger system via API, with the latter providing the necessary support to ensure that Unifimoney has the set up to build its existing products and add the upcoming ones.
“Our system was built to change. We can augment the software very quickly,” explained John Mitchell, CEO and co-founder of Episode Six.
“We set out to make sure the system can be modified and meet the local needs of our clients, wherever they are and no matter the use case.”
The ledger system upgrade follows Unifimoney’s recent seed funding round, where it raised $10 million from a consortium of strategic and angel investors.
The company intends to use the investment to expand its alternative assets offerings, including collectables, sports memorabilia and NFTs. It also plans to develop a full suite of retirement accounts with both traditional and alternative IRAs.
Digital wealth management services gain traction
Unifimoney’s move to expand its product offering comes as companies look to bolster their digital wealth management services.
According to consultant IMARC Group, the market for wealth management platforms is projected to reach $8.25bn in value by 2027 – up from the $3.8bn volume in 2021.
As the financial industry accelerates the adoption of technology, both traditional wealth managers and challengers have been making a series of investments in their digital products and services.
In the first week of May, digital investment platform, Scalable Capital, expanded its digital wealth management service with the launch of eight new investment products comprising ETFs, exchange-traded securities for cryptocurrencies and ETCs.
In April, Canadian challenger bank Neo Wealth launched a digital wealth management app offering the opportunity for retail investors to allocate to cryptos, hedge fund-style strategies, infrastructure, and real estate.
That same month, Swiss bank Mirabaud partnered with banking software provider Temenos and UK lifecycle management services company, Wealth Dynamix, to migrate its on-premises systems to a SaaS, end-to-end wealth management platform.
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