These are not easy times for small Businesses – having weathered the storms of Brexit and the pandemic, they now face inflation currently hitting 5.4% and no end in sight to the energy price hikes and supply chain issues that have caused it.
So what can you do to mitigate the effects of rising prices? Although most of the traditional High Street Banks are not passing on the recent hike in interest rates, Challenger Banks and Building Societies have been faster to move rates upwards. But moving your company’s cash into new providers can be time consuming and messy, never mind the risk associated with not spreading your deposits across multiple banks to ensure maximum FSCS protection.
There is a solution – the relatively recent emergence of cash management platforms, such as the Akoni hub, which was specifically launched in 2017 to help SMEs find a better home for their excess cash. How could Akoni help you with your company’s cash decisions?
- Safe and secure with FSCS protection
All deposits are held with each bank providing protection of up to £85,000 per bank, or up to £1 million for Temporary High balances.
2) Diversifying risk (spreading money across savings providers)
With the option to spread cash across several providers on the Akoni Cash Management Platform, you can diversify risk, and increase the chances of positive returns.
3) Increased returns & Better interest rates
In a climate of economic uncertainty, and high inflation, it’s not easy to find decent interest rates in a simple way. With Akoni, you can find competitive interest rates to suit your specific needs.
4) Quicker, and hassle-free - no form filling
Akoni Hub provides a hassle-free cash management experience - you can onboard and open an account online with no fuss. You will only need to complete one AML/KYC process, can switch between providers, and manage your account on the Akoni Cash Management Platform in just a few clicks.
Find out more about Akoni: Akoni is an award-winning UK cash platform, which provides a marketplace to SMEs, financial advisors and wealth managers through a bespoke white-label offering, or off-the-shelf offering. Akoni uses innovative technology to personalise cash planning solutions for clients, and also provides a full API solution to banks and insurance clients.
💡 At the end of 2021, insurtech and wealth specialist Stubben Edge announced the acquisition of the cash management platform, Akoni Hub, specialising in the wealth sector.
💡 Together the two companies service significant participants in the distribution market, working with some of the most respected names in financial services, including Hiscox, Beazley and several UK and international banks.
💡 The incorporation of Akoni’s open banking software into the Stubben Edge technology provides advisors with a more holistic view of their customers, enabling them to better assess the client’s situation or respond to changes in their situation.