Australian Money Market (AMM), the award-winning online term deposit platform, enables people to effortlessly select the best term deposit accounts that meet their needs at the click of a button. Site users can easily monitor a wide range of term deposit products from over 20 financial institutions including banks, building societies and credit unions.
As a fintech start-up, AMM is disrupting staid banking models. For example, when a term deposit reaches maturity, many banks automatically re-invest your funds in a new term deposit at a lower interest rate. However, with AMM, customers are always notified before an account reaches maturity, and their funds are never automatically re-invested.
It’s the sort of innovation that’s winning AMM legions of loyal customers.
As a fintech industry pioneer, 11 years ago AMM developed its ground-breaking platform. In the years since, the company has grown to have over $5.5 billion in funds under management and has been recognised as the best ‘Cash & Term Deposit Platform’ for four years running by leading industry publication ‘SMSF Adviser’.
AMM has well and truly become the go-to platform for anyone looking to make the most of term deposit accounts.
A major benefit of investing in a term deposit account is the low-risk nature of the product.
Many investors are retirees, or those close to retirement, for whom having a stable, regular income is a top priority. Such investors tend to be highly risk averse. Security, of both funds and confidential data, is paramount.
This aversion to risk influences all of AMM’s conduct. The company understands it has a duty of care towards its customers. Since its inception, AMM has been resolutely committed to earning the trust of its customers by ensuring its platform maintains the highest levels of security.
AMM outlines 3 core aspects of their security commitment:
- Bank-grade Encryption: Minimum 128-bit SSl encryption for the transmission of data so you can rest assured your information is secure.
- Recovery & Security Audits: Constant audits as well as hourly offsite backups ensure that your transactions are never lost, even if disaster strikes.
- Geotrust Security: Your personal information is safe and secure. AMM uses GeoTrust for transactional security.
The need to take security exceptionally seriously was reinforced by extensive customer feedback. AMM understood the last thing their customers want is any risk that their funds or confidential data may be compromised.
As an Australian fintech company, AMM has achieved GS007 compliance. GS007 is a standard of the Australian Auditing Standards Board. It sets minimum controls for those organisations offering investment management services.
Under the GS007 regime, Information technology (IT) control objectives are applicable to all investment management services, as IT is integral in the provision of those services. Controls are required to manage access to applications, databases, systems and networks to authorised individuals via information security tools and techniques.
Complying with these standards requires AMM to continuously ensure its systems are safeguarded and protected from any attempted breach. This commitment to the highest levels of security includes annual penetration testing of its web application.
To help them in this endeavour, AMM consulted Shearwater.