Praemium is pleased to announce an upgrade to the banking platform for Spectrum and Powerwrap Cash Operating Accounts.
This upgrade delivers faster payments processing and a more secure and efficient banking experience. The change will be seamless for advisers and investors, and you will not need to do anything.
Below are some frequently asked questions about this change.
What is changing and what are the benefits?
ANZ is upgrading its platform to modern payment systems like the New Payments Platform that includes near real-time payments, faster and more secure payment processing, and increased automation capability.
The changes will enable faster payment processing and more real-time payments. In most cases, payments will be real-time at no extra cost, whereas same-day payments are currently limited to certain times and attract a $15 fee.
When will the change take place?
The change is coming soon. More information on exact dates will be shared via this page and the Praemium Product Upgrades page.
What changes will I see?
- New ANZ powered Cash Operating Account details. The Cash Operating Account linked to your Powerwrap or Spectrum account will have a new account number and BPAY details.
- Faster payment processing.
- Real-time balances in Adviser Portal. The Available Cash figure visible to Advisers in Adviser Portal will include the real-time cash balance in the ANZ Cash Operating Account*
* Projected Available Cash does not take into account transactions not initiated at Praemium.
Where can I see my ANZ Cash Operating Account details?
Account details are visible in the Clients > Payments tab in Adviser Portal . When the new accounts numbers are ready, you will see these instead of your current account details. For example:
What do I need to do?
You won’t need to do anything. If you make deposits to your Cash Operating Account from your bank using BPAY or direct transfer, we recommend updating your stored payment details to the new account. However, if you continue to make deposits using the old account number or old BPAY details, these deposits will still flow through to your new account.
Will I be able to transact during the upgrade?
Yes, there will be no impact to trading or other cash transactions.
Will there be any interruption to trade settlements?
No, there will be no impact to trading or trade settlements.
Will my dividend and other income payments be affected? Do I need to notify registries or other organisations of my new ANZ account number?
No, there will be no impact to income receipts. Dividends, distributions and other income will flow automatically to your new account.
Which bank account will be used for withdrawals (payments out)?
Your new ANZ bank account will be used for any withdrawals (payments out) from the change date. When your adviser requests a payment from your Powerwrap or Spectrum account via Adviser Portal, the payment will automatically use the new bank account number, but this change will be seamless to you.
What happens if I make a deposit to my old bank account number?
As the old account number will be linked to your new bank account, any incoming funds will automatically flow to your new bank account.
Will BPAY be available?
Yes. Once the transition is complete, BPAY will be available for all Powerwrap and Spectrum ANZ accounts. Your new BPAY Biller Code and Customer Reference Number will be available in Adviser Portal and Investor Portal once the transition is complete. If you are already using BPAY to deposit funds to your Powerwrap or Praemium account, you can continue to use your current BPAY Biller Code and Customer Reference Number, but we encourage you to update your banking settings to the new details.
Will direct debit arrangements be affected?
No, there will be no impact to existing direct debit arrangements. Any pre-existing direct debit arrangements will automatically flow from your new bank account. New direct debit arrangements will be set up using the new bank account number.
Will the new payment platform offer same-day payments?
Yes. Payments will be real-time by default. If the bank account receiving the payment is not enabled for real-time payments, an RTGS payment can be requested.
Will there be any change to Nominated Bank Account payments?
Your existing Nominated Bank Accounts will remain in place, and Advisers will continue to request Nominated Bank Account payments in the Adviser Portal. Payments will be real-time by default, so you should see funds reach your nominated account on the same day, though this also depends on the receiving bank.
Will there be any change to payments to other bank accounts?
Your new bank account number will be linked to your Powerwrap or Spectrum portfolio, and this is the account that will be used for all outgoing payments (withdrawals). As payments will be real-time by default, you should see funds reach the destination account faster, though this also depends on the receiving bank account.
What about ANZ to ANZ payments?
If you have a Powerwrap or Spectrum ANZ account set up as a Nominated Bank Account (to receive funds from another Powerwrap or Spectrum account), both ANZ bank accounts will be updated to the new bank account numbers, and payments will be processed as same-day payments at no additional cost.
Can I make deposits to my ANZ Cash Operating Account from a bank branch?
While this is possible in some circumstances, the fastest way to get cash into your ANZ Cash Operating Account is via electronic payment or BPAY payment from your personal bank account, using online banking or your phone’s banking application.
Other questions?
Please contact your Training and Relationship Manager, or our Support team.