Powering Stake AUS
We know the safety of your funds are important to you and this is something we don’t take lightly either. So we wanted to refresh your memory with information on how things work under the Stake AUS hood.
How the CHESS system works
Developed and maintained by the ASX, the Clearing House Electronic Subregister System (CHESS) is responsible for processing all your ASX transactions.
That’s where your Holder Identification Number (HIN) comes in. Every time you make an investment, the security is assigned to your HIN, ensuring it is held under your own name.
Ultimately, with the CHESS system, the ASX itself has a record of you owning the shares under your own name.
How your trades make it to the exchange
When you place a trade on Stake AUS, this is sent directly to our executing broker partner, FinClear.
Operating as an Australian Financial Services Licensee and an ASX Market and Account Settlement Participant, FinClear then takes your trades directly to the “floor” of the ASX. Of course, this all happens digitally these days.
This is where the CHESS system (outlined above) kicks in to process all of your ASX transactions and ensure they are held in your name, on your HIN.
How the Stake AUS account works
The Stake AUS account uses a digital wallet & transaction account that allows you to keep AUD to use to invest. It is provided by Airwallex, as part of setting up a Stake account.
Each Stake AUS account has a BSB and Account Number to enable you to make deposits into your account. The account supports NPP Payments too, so you can receive funds into the account in minutes instead of waiting hours (more below).
All transactions from deposits, withdrawals, trade settlement, movement of cash, dividends, and corporate actions are recorded in the Stake AUS account. If you have settled funds available, you can also transfer from your Stake AUS account to your Stake Wall St account.
How your AUD cash is held
The funds in your account (provided by Airwallex) are covered by a bank guarantee issued by an Australian bank, in accordance with requirements of APRA. Your funds may also be held on trust at an authorised deposit-taking institution in a client monies account.
Previously, the funds in your Wallet (which is provided by Airwallex) had been held in an account at an Australian bank held on trust for you. The new structure above does not impact the way you can use our services.
Since this change, terms and conditions were updated. In particular, clause 5 of the Payout & FX Terms has been amended to address the bank guarantee. Updated T&Cs.
Additionally, the Product Disclosure Statement with key information about your account has been updated. Updated PDS.
These changes are in effect. FAQs.
How deposits work
Depositing into your Stake AUS account is easy, and it even supports instant deposits with NPP (Read more about New Payments Platform).
Depositing into your Stake AUS account is easy, and it even supports instant deposits with Osko and NPP (Read more about ).
Using a bank transfer, you can send funds from your bank to your Stake AUS account in minutes, anytime of the day and including on weekends. Simply use the BSB and Account Number provided on Stake. As soon as your funds land, we’ll notify you of it via the Stake App.
You are also able to deposit into your Stake AUS account using Debit or Credit Card as well as Apple or Google Pay. Fees apply to debit and credit card deposits.
Check out the Stake payment methods for more information.
As always, if you ever require any support or have any feedback for us, please contact us here.
Sam is a product marketing specialist at Stake with 6 years of finance experience in Australia. With a Bachelor in Business from the University of Technology, Sydney, he specialises in product marketing and communications strategy. Previously, he has worked in the home lending and retail banking sectors with experience in customer success, marketing and product at Mortgage Choice and Ubank (formerly 86 400). At Stake, Sam helps manage the launch of new products and features whilst also focusing on marketing campaigns that help improve the Stake experience.