Cashwerkz chief executive John Edginton said platform users will only need verify their identity once, and then they have the flexibility of switching between different term deposits – usually without the need to provide additional paperwork.

"There is no need to go to the bank and fill out forms," said Mr Edginton.

"We have attracted many of the top financial organisations to our platform including nab, Westpac, Macquarie and St George. At this stage we offer term deposits but we will soon be adding other cash products such as high interest savings accounts, cash management accounts and potentially bonds."