{"id":6696,"date":"2024-03-05T00:07:47","date_gmt":"2024-03-05T00:07:47","guid":{"rendered":"https:\/\/economicherald.net\/?p=6696"},"modified":"2024-03-05T00:07:47","modified_gmt":"2024-03-05T00:07:47","slug":"specialist-sme-bank-avenue-gains-full-apra-approval","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6696","title":{"rendered":"Specialist SME bank Avenue gains full APRA approval"},"content":{"rendered":"<p>Special Report: The digital bank is Australia\u2019s newest and the only one that focuses on providing bank guarantees to small businesses and landlords.<\/p>\n<p><a href=\"https:\/\/www.avenuebank.com.au\/\" target=\"_blank\" rel=\"noopener\">Avenue Bank<\/a> has been given the official go-ahead from the Australian Prudential Regulation Authority (APRA) to operate as a full-fledged bank.<\/p>\n<p>Bank guarantees are a significant pain point for Australian SMEs with the current process slow and cumbersome and often taking up to six weeks. Avenue Bank aims to change that by offering a quick and hassle-free digital solution including a turnaround time of 24 hours.<\/p>\n<p>Avenue research shows that 29 per cent of businesses have had to defer an office move and a further 46 per cent have had their moves disrupted because of the process of obtaining a bank guarantee.<\/p>\n<p>Avenue CEO Peita Piper said the bank had reinvented the bank guarantee, providing fast, fair, and fuss-free service to Australian businesses.<\/p>\n<p>\u201cAustralia\u2019s banking landscape has evolved, yet the bank guarantee market remains stagnant, burdened by outdated, paper-based processes,\u201d Piper said. \u201cSmall businesses are stifled by unnecessary delays, uncertainty, and financial strains.\u201d<\/p>\n<p>Now, Avenue Bank has its sights set on a $9 billion market. That\u2019s the total amount of deposits held under bank guarantees for tenants renting from commercial landlords. Avenue would cover its costs by capturing just two per cent of this market.<\/p>\n<p>Avenue\u2019s digital solutions streamline the management and claims process for landlords while enhancing security measures to mitigate risks of loss, theft, or fraud. Notably, tenants stand to benefit from a fully digital origination process, marking a significant departure from traditional practices.<\/p>\n<p>Current Avenue customer, Tank Stream Labs CEO Bradley Delamare, lauded the bank\u2019s innovative tech solutions, highlighting the inefficiencies of traditional processes.<\/p>\n<p>\u201cI went through the traditional bank guarantee process, which was painful. Not only did I have to obtain multiple signatures for multiple documents, but I also had to hand deliver them to the bank\u2019s head office. In the 21st century, surely there\u2019s a better way,\u201d Delamare said. \u201cIt feels like we\u2019re in really good hands with Avenue Bank.\u201d<\/p>\n<p>Avenue is also targeting customers including big leasing agents like Colliers and CBRE, large commercial landlords such as Dexus and Mirvac, and tenant advisors like Franklin Shanks.<\/p>\n<p>Avenue Bank says it offers competitive interest rates to customers on their security deposits, which are 100 per cent government-guaranteed (up to $250,000 per account holder). As an added incentive, the bank has announced the waiver of application fees for a limited time.<\/p>\n<p>\u201cThis is only the beginning for Avenue,\u201d Piper said. \u201cWe are committed to delivering further innovation to the bank guarantee market.\u201d<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Avenue Bank, a Stockhead advertiser at the time of publishing. <\/em><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><em>\u00a0<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/tech\/specialist-sme-bank-avenue-gains-full-apra-approval\/\">Specialist SME bank Avenue gains full APRA approval<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Special Report: The digital bank is Australia\u2019s newest and the only one that focuses on providing bank guarantees to small businesses and landlords. Avenue Bank <a href=\"https:\/\/economicherald.net\/?p=6696\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":6697,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Specialist SME bank Avenue gains full APRA approval - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=6696\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Specialist SME bank Avenue gains full APRA approval - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"Special Report: The digital bank is Australia\u2019s newest and the only one that focuses on providing bank guarantees to small businesses and landlords. Avenue Bank [more...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/economicherald.net\/?p=6696\" \/>\n<meta property=\"og:site_name\" content=\"Economic Herald\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-05T00:07:47+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Specialist SME bank Avenue gains full APRA approval\",\"datePublished\":\"2024-03-05T00:07:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696\"},\"wordCount\":489,\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg\",\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696\",\"url\":\"https:\\\/\\\/economicherald.net\\\/?p=6696\",\"name\":\"Specialist SME bank Avenue gains full APRA approval - Economic Herald\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg\",\"datePublished\":\"2024-03-05T00:07:47+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/economicherald.net\\\/?p=6696\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696#primaryimage\",\"url\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg\",\"contentUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg\",\"width\":1198,\"height\":674},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=6696#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/economicherald.net\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Specialist SME bank Avenue gains full APRA approval\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#website\",\"url\":\"https:\\\/\\\/economicherald.net\\\/\",\"name\":\"Economic Herald\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/economicherald.net\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\",\"name\":\"Economic Herald\",\"url\":\"https:\\\/\\\/economicherald.net\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/cropped-cropped-economicheraldlogo-1.png\",\"contentUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/cropped-cropped-economicheraldlogo-1.png\",\"width\":850,\"height\":760,\"caption\":\"Economic Herald\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Specialist SME bank Avenue gains full APRA approval - Economic Herald","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/economicherald.net\/?p=6696","og_locale":"en_US","og_type":"article","og_title":"Specialist SME bank Avenue gains full APRA approval - Economic Herald","og_description":"Special Report: The digital bank is Australia\u2019s newest and the only one that focuses on providing bank guarantees to small businesses and landlords. Avenue Bank [more...]","og_url":"https:\/\/economicherald.net\/?p=6696","og_site_name":"Economic Herald","article_published_time":"2024-03-05T00:07:47+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/economicherald.net\/?p=6696#article","isPartOf":{"@id":"https:\/\/economicherald.net\/?p=6696"},"author":{"name":"","@id":""},"headline":"Specialist SME bank Avenue gains full APRA approval","datePublished":"2024-03-05T00:07:47+00:00","mainEntityOfPage":{"@id":"https:\/\/economicherald.net\/?p=6696"},"wordCount":489,"publisher":{"@id":"https:\/\/economicherald.net\/#organization"},"image":{"@id":"https:\/\/economicherald.net\/?p=6696#primaryimage"},"thumbnailUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/03\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg","articleSection":["Finance"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/economicherald.net\/?p=6696","url":"https:\/\/economicherald.net\/?p=6696","name":"Specialist SME bank Avenue gains full APRA approval - Economic Herald","isPartOf":{"@id":"https:\/\/economicherald.net\/#website"},"primaryImageOfPage":{"@id":"https:\/\/economicherald.net\/?p=6696#primaryimage"},"image":{"@id":"https:\/\/economicherald.net\/?p=6696#primaryimage"},"thumbnailUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/03\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg","datePublished":"2024-03-05T00:07:47+00:00","breadcrumb":{"@id":"https:\/\/economicherald.net\/?p=6696#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/economicherald.net\/?p=6696"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/economicherald.net\/?p=6696#primaryimage","url":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/03\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg","contentUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/03\/Avenue-Bank-CEO-Peita-Piper13-Fc3Umu.jpeg","width":1198,"height":674},{"@type":"BreadcrumbList","@id":"https:\/\/economicherald.net\/?p=6696#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/economicherald.net\/"},{"@type":"ListItem","position":2,"name":"Specialist SME bank Avenue gains full APRA approval"}]},{"@type":"WebSite","@id":"https:\/\/economicherald.net\/#website","url":"https:\/\/economicherald.net\/","name":"Economic Herald","description":"","publisher":{"@id":"https:\/\/economicherald.net\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/economicherald.net\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/economicherald.net\/#organization","name":"Economic Herald","url":"https:\/\/economicherald.net\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/economicherald.net\/#\/schema\/logo\/image\/","url":"https:\/\/economicherald.net\/wp-content\/uploads\/2023\/10\/cropped-cropped-economicheraldlogo-1.png","contentUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2023\/10\/cropped-cropped-economicheraldlogo-1.png","width":850,"height":760,"caption":"Economic Herald"},"image":{"@id":"https:\/\/economicherald.net\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts\/6696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6696"}],"version-history":[{"count":0,"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts\/6696\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/media\/6697"}],"wp:attachment":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}