Origo is working with Visible Capital, an Open Banking provider, to enable automated data collection for the onboarding and ongoing suitability of clients.
Visible Capital is using a piece of key technology from Origo, Unipass: Identity, which gives a unique identity that advisers can use to access Visible Capital’s tool.
The automation will provide for a faster, more secure and accurate process than the typical segmented, paper-based methods used in many advice firms, while also ensuring regulatory compliance, the FinTech says.
Explaining how Visible Capital works, co-founder Ross Laurie says: “With the client’s permission, the Visible Capital system uses Open Banking technology – under Payment Services Directive 2 (PSD2) regulation – to pull in a client’s financial data in a secure manner. This enables wealth advisers and their support teams to gather fact find information and the client’s transactional data in real time.
“The process has three distinct advantages: First, it reduces risk – no more out-of-date, inaccurate or mis-keyed data.
“Secondly, automating delivery of high quality, digitised data into the back-office reduces costs for the business.
“Thirdly and importantly, by having immediate and in-depth insight into their client’s financial position, i.e. accurate, proven, evidenced information on income and expenditure – wealth managers/advisers are better able to provide sound holistic financial advice.”
Clients need only to authorise temporary ‘read only’ access to their bank accounts.
Laurie adds: “Consumers are increasingly accessing their combined financial data digitally and will expect their wealth managers and advisers to be in the same league when it comes to their services. Fast and accurate onboarding of clients can help differentiate wealth and advice firms in their markets.”
As the system accesses richer, highly accurate customer data on a secure, encrypted platform, it ensure wealth advisers mitigate risk and are fully compliant across MIFID II, PSD2, GDPR, COBS and IDD.
Anthony Rafferty, managing director, Origo says: “Right now we are witnessing exciting developments in technology enabling wealth managers and financial advice firms to make significant improvements to the ways in which they engage with their clients and access their clients’ data. What’s important is that they can do so easily and securely.”
