Indue Ltd ABN 97 087 822 464 (Indue) has been working with Baptist Investments & Finance Limited (BIF) since 1999, assisting them in the provision of financial products. Up until October 2007 we have been working behind the scenes creating and servicing BIF's financial services. Due to regulatory reasons Indue has now become more prominent.
Over the coming months you will see our brand, induemoney starting to appear on your statements, cheque books and in your secure online banking page.
Indue is an Authorised Deposit Taking Institution owned by credit unions and has been operating for 40 years. We are licensed and regulated by the Commonwealth Government through the Australian Prudential Regulation Authority (APRA). Our licence enables us to take deposits from the public and sees that our activities are subject to the same regulatory standards and supervisory oversight as is applied to the major banks. Indue does not have its own retail banking products or services, therefore we are not in competition with BIF. Our solutions are all aimed at supporting the needs of our wholesale customers, like BIF.
BIF has worked in partnership with Indue to bring this deposit product to its clients, as regulatory restrictions placed on Church Organisations by APRA has prevented BIF from offering this valuable service to its clients without the support of an approved ADI holding the funds.
Indue’s role is to act as custodian of the money deposited by you into your induemoney Cheq account. Indue holds your deposit but allows BIF to continue to service you as a client, and provide functional integration of the product with your other BIF products, simplifying your banking arrangements.
See our website for more information Indue Limited.