Payments processing firm targets IFAs

Securus International, a Swansea-based start-up with the potential to reshape the way electronic and online payments are made, has launched an extension to its offering that could revolutionise the way independent financial advisors (IFAs) are paid.

Securus International’s core product is Xylyx, a revolutionary technology that allows a vendor to split payment between multiple accounts and suppliers immediately at point of sale. No comparable technology can do this; as such, it has the potential to revolutionise the supply chains and administrative operations of many businesses.

Securus has launched an extension to this offering in the form of Tesseras, an integrated technology platform that can be used in conjunction with Xylyx, which could transform the efficiency of payments for IFAs. The technology could streamline the payments processing system to enable IFAs to immediately and automatically receive commission payments on products they sell. This would be particularly useful for insurance products, allowing long-term commission payments to be made seamlessly with minimal administrative work.

Securus International is a 50-50 joint venture between the investment arm of OSTC Group, the largest derivatives trading house in the UK outside London, and Xcordis Fintech, a company that has developed and owns the intellectual property relating to Xylyx.

Paul Langley, chief executive of Securus International, said:

“The launch of Xylyx has been very successful with strong interest from companies in a range of sectors. We felt the time was right to unveil Tesseras, a complementary product that also has the potential to change the way things are done in certain industries.

“We believe one of the largest user bases of this technology could be those in the IFA sector, due to the ease of splitting payments between an IFA and a financial product provider, such as an insurance company. We are currently in discussions with finance companies interested in this platform, which could greatly streamline and enhance the way in which IFAs and those getting paid on a commission basis within the finance industry, receive their pay.

“We have various other ideas ahead, all of which will be rolled out from the head office in Swansea, not least an internal automated bought ledger settlement system.”