Property-backed peer-to-peer lender Assetz Capital is introducing an extra layer of security to its deposit process.
From Thursday 12 March for investors to deposit funds into one of their investment accounts, the platform will need to know the exact amount they wish to deposit before they transfer funds from their bank.
“This new process will add an additional layer of security to ensure that funds invested in your account have been made by you and are for the amount expected,” Assetz Capital said in a blog post on its website.
“We also want to help you get your funds invested in your chosen account as quickly as possible.
“This process will reduce the number of deposits that have to be manually allocated by confirming your intentions in advance, so your funds are interest-bearing as soon as possible.”
If investors wish to make a one-off deposit, they must visit the ‘Depositing Funds’ page and click on the ‘One-off bank transfer’ icon, then choose the destination ‘Investment Account’ and input the exact amount they intend to deposit.
Following this, Assetz will supply investors with the bank transfer details required for them to make the bank transfer.
If investors don’t follow this process when transferring funds, the next time they log into their account, they will need to confirm that they have made the deposits by clicking on the ‘REVIEW’ button.
Alternatively, investors can reject the deposit and the funds will be returned to the account they came from.
Without confirmation from the investors, Assetz can’t accept their funds, so they will be placed into a holding account.
If after nine working days, investors have not confirmed or rejected the deposit, the funds will be returned back to the account they came from.
For any funds that investors have deposited prior to this date, which have not cleared into their account, they will need to log in and confirm the deposit before the funds can be allocated to their chosen investment account.