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Third Financial Group – Best Technology Provider – Transaction Processing


Stewart Foster (pictured), Chief Executive Officer of software provider Third Financial, explains that his firm’s platform business, Tercero Cloud, is now up and running.

“The approval from the FCA came in at the end of May last year and we launched the new business to the market at the beginning of the fourth quarter. We now have seven clients, five of whom are live,” Foster says.

Tercero Cloud is a compliant, secure, and comprehensive outsourced clearing and settlement service for FCA-authorised sub-GBP1 billion wealth and investment management firms providing discretionary, advisory and execution-only services to their clients.

Foster continues: “Traditionally, this market charges high fees and existing providers don’t even offer particularly advanced technology or a reliable service.

“Tercero Cloud offers three major benefits including superior technology, a low, all-inclusive charge and a completely personalised service. The `triple threat’ features of Tercero Cloud are causing a real stir in the industry.

“The board mandate was to ensure that the early adopter clients were all reference-able. This has now been met. The new service is proven and operational so we will be increasing our marketing and sales visibility as the business goes through a period of rapid growth.

“We are witnessing a period of significant growth in the UK Wealth Management market too. The digitalisation of the market place is driving record numbers of starts ups that are able to offer boutique and unique services. Existing investment managers are also using Digital offerings to create market space, differentiate themselves and offer an attractive and modern product to the next generation of HNW investors.”

ETFs support continues to be a big area for Third Financial and the firm is now building in a fractional dealing feature as a complementary element and a useful capability for the firm to have.

The firm’s investment into Digital technologies saw the launch of Tercero Digital in December 2016. This technology is fully integrated into the Software and Platform services. 

The company expects to deliver around a dozen Digital only projects in 2017 with even greater growth expectations for 2018. 

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