Read about recent updates in the October Digital Download 2022

This month, we’ve continued to digitise our products and services. These digital enhancements include a more diverse interest rate offering for our Accelerator and Vision Savings accounts, improved security protection for CMA, Term Deposit and Wrap accounts, and additional digital options to submit documents online.

You can also read more about Macquarie Authenticator, and how we’re continuing to develop this app to better deliver our digital solutions.

We’re excited to communicate these updates and hope you enjoy reading about what we’re doing to transform the ways we work to better support you and your clients.

Michelle Weber

Head of Wealth Product & Technology

Monthly focus

• Uplifted account onboarding processes to improve the way we detect potential money laundering or terrorist financing risk.
• More digital options to submit documents with our new e-signature provider, Annature.
• How we’re helping you and your clients submit a tax deduction when a rollover request is received.

What’s new?

A new interest rate tier for Accelerator and Vision Savings accounts       

To give your clients more options to invest in Accelerator and Vision Savings accounts, we’ve introduced a new interest rate tier. The new tiers are:

• $0 to $1, 999,999.99
• $2,000,000 - $9,999,999.99
• $10,000,000+

When rates across all CMA tiers are the same, it will be displayed as a single row as shown below.

Improving the way we detect potential money laundering or terrorist financing

On 31 October 2022 we uplifted our CMA, Term Deposit and Wrap account onboarding processes. You’ll now need to collect and/or verify additional client information to:

• determine and identify beneficial owners from source documents (e.g. Trust Deed)
• collect a client’s source of wealth
• obtain further information on the controlling parties of unregulated trusts. 

To help you adapt to these changes, if you’ve started a Wrap application before 31 October 2022, you have until 1 December 2022 for the application to be submitted (i.e. for the client declaration to be uploaded or the email acceptance completed). From 1 December 2022 we cannot accept applications that haven’t captured the new information, so any outstanding email links/client authorisation forms generated before 31 October 2022 will expire.

For CMA and Term Deposit accounts, you and your clients have 60 days to complete an application. If the application isn’t submitted within 60 days, it will be cancelled. Please note the 1 December 2022 deadline does not apply for cash accounts, as these applications need to be completed within 60 days.  

Visit Adviser Help Centre for more information about our new account opening requirements.

Giving you and your clients more digital options to submit documents

We’ve onboarded Annature as a new e-signature provider. To see what’s required to use Annature, please refer to this webpage. As part of our expanding digital solutions, we also accept forms and documents using Adobe Sign, DocuSign, Conga, Iress Digital Signature and OneSpan. Read more about e-signatures in our Help Centre articles:

• What electronic signature providers can I use for your platform?
• What can’t I use an electronic signature for?

Helping you navigate Adviser Online

We’ve released some new features on Adviser Online to help you find the information you need. These include:

• adding the account balance field to the CSV download
• enabling the ability to filter account(s) presented for trust accounts, making it easier for you to update client information such as TFN details
• extending the upcoming payments tile to Vision Savings accounts
• adding new filters across multiple pages, making it easier for you to refine page content and see what filters have been applied
• adding the number of results presented when a new filter is used on the page
• enhancing the filter to be more intuitive for different categories, as shown below, on the Transactions page.

Minimising delays and ensuring your clients can claim their tax deduction when a superannuation rollover request is received

When we receive a rollover request and we notice there is an available tax deduction to be claimed, we’ll contact you via email to see if your client wants to claim that deduction. If a tax deduction is to be made, you’ll need to confirm the cancellation of the rollover request. You can then send us the Notice of Intent or Deduction Notice so that the tax deduction can be finalised. Once finalised, you or your client can then re-submit the rollover request.

We’ve made this change to give you and your clients more time to provide the necessary documentation to claim a tax deduction. Through this change we can also ensure that your client can receive their tax deduction before their money is moved to another superannuation fund.

Please note if you don’t confirm cancellation within one business day, we’ll proceed with the rollover request.

Use our document upload tool to experience a faster, more efficient account opening for cash accounts 

As a reminder, you can now use our document upload tool for new cash account applications. This removes the need for you to email supporting documents to us. This new feature is part of our digitisation journey to make it a faster and more efficient process to complete your cash account applications. You can access the document upload tool via the applications tab in Adviser Online. Once we roll out the document upload tool for all existing customer applications, we’ll no longer be able to accept any application documents submitted via email or Request Centre. We encourage you to familiarise yourself with the document upload tool in preparation for this change. 

What's next

A quick and easy way for your clients to approve Adviser Initiated Payments via Macquarie Authenticator

By registering for Macquarie Authenticator, your clients will soon receive a push notification to approve any new Adviser Initiated Payments (AIPs) you submit. When your clients have approved or denied the payment, you’ll be notified via Adviser Online. If your client hasn’t registered for Macquarie Authenticator, you'll need to continue contacting them to authorise your payments.

Initiate withdrawals up to $500,000 for pension accounts on Adviser Online  

We're pleased to expand our digital payment capability for pension accounts. You'll soon be able to submit payments of up to $500,000 with client authorisation. Payments can be submitted every three days and if your client has registered for Macquarie Authenticator they’ll be able to approve payment requests via the app. If your client doesn’t have Authenticator installed, you can use print, sign and upload.

Helping you prepare for our new digital ways of working 

Early next year, we’ll no longer accept withdrawals under $100,000 that are submitted via the Macquarie Withdrawal form or the Recurring Payment Authority form for Macquarie CMA products. In the lead up to this change, we encourage you and your clients to utilise our online functionality to make withdrawals, so you’re prepared before this change comes into effect. Visit Adviser Help Centre for more information on our online functionality.

Monthly Tips & Tricks: What you need to know about tax reports

What is Macquarie Authenticator? 

Macquarie Authenticator is our most secure and recommended verification method. It’s a mobile app that sends clients actionable push notifications instead of an SMS when they need to verify certain transactions, such as Adviser Initiated Payments.

Helping to keep your clients stay safe from fraud and scams

We wanted to create a verification system even more secure than SMS, which is why we built the Macquarie Authenticator app. It’s an Australian banking first that gives clients real-time control to approve or deny transactions and other account activity.

Did you know?

The Macquarie Mobile Banking app and the Macquarie Authenticator app are separate apps. The Macquarie Mobile Banking app is what your clients can use for their everyday banking, whereas the Macquarie Authenticator app is what your clients can use to verify account activity and approve payments.

How can my clients download Macquarie Authenticator?

The Macquarie Authenticator app is available on Apple iOS and Android devices. It’s free to download from the app store. If your clients need help setting up Macquarie Authenticator, please direct them to our Help Centre article.

We also have several articles on Adviser Help Centre to help you with Macquarie Authenticator.

New Managed Investments (1 October 2022)

* IDPS only
** IDPS & Super

Helpful Resources

Top three searched Adviser Help Centre articles

1. How can my client add funds into their account (including contributions and rollovers)?
2. When will my request be completed?
3. How do I use Adviser Online?

Recently added Adviser Help Centre articles

1. Why am I receiving pension payment alerts?
2. For fortnightly payments, if I select a payment day of, for example, Tuesday, when will my client receive their funds?
3. When will my client receive their first pension payment for their new account, if they have selected fortnightly pension payments?

Watch and learn our videos on Help Centre

Our Help Centre article, ‘How do I use Adviser Online?’ contains all our training videos to help you use Adviser Online.

Request Centre

Request Centre allows you to submit and manage requests in a faster and more secure way.

Need help?

Get in touch with us if you’d like any more information on any of these updates.