Assetz strengthens security with designated bank accounts feature

ASSETZ Capital has bolstered its security measures with a new designated bank accounts feature.

The peer-to-peer business lender told its customers that the new functionality will come into effect on 3 July, enhancing security when moving funds on or off the platform.

Assetz Capital said the change will give customers greater control over their money, making the deposit and withdrawal process easier. Bank account details are saved and entered automatically under a memorable name which can be chosen through a drop-down menu when a withdrawal is needed. Customers can add and remove as many accounts as necessary.

Withdrawals also benefit from increased security through two-factor authentication, requiring the customer to enter a time restricted, one-time code sent directly to users’ phones.

However, the introduction of two-factor authentication last year attracted criticism from some customers, who said it made the log-in process too cumbersome. The firm reduced the number of times that customers need to use two-factor authentication in response to the feedback.

Assetz Capital raised over £1.76m from a crowdfunding round in May after originally targeting £1m. The new capital, raised via investment platform Seedrs, will be used to support its staff and product expansion plans as the company considers a stock market listing.