Praemium has signed Wealthcraft, its CRM software, to the Origo Integration Hub for bulk valuations and contract enquiries, bringing the number of providers using the Origo service to interconnect to 42. One of the first services Praemium’s Wealthcraft will connect to will be Aviva’s bulk valuation service.
Origo’s Integration Hub sits in-between platforms and adviser software suppliers and facilitates multiple integrations between them – reducing the cost and administrative burden of setting up straight through processing in areas such as account opening, remuneration, valuations and transaction history with trading partners.
The Hub seeks to address many of the administration efficiency headaches exposed in the 2019 White Paper A Disconnected World: The Adviser’s Reality* by removing the need to integrate point-to-point with each individual counterparty to enable each system to talk to one another. A matrix of integrations like that is expensive to build and maintain, not to mention complex to manage for providers. However, the real administrative burden of disconnected systems is felt by adviser firms which are routinely having to rekey client data across three or more standalone systems.
“Our sector has been failing adviser firms by not putting software integration at the top of the to-do list,” says the managing director, Financial Advice Software at Praemium, Dylan Navra. He adds: “Last year, we opened up our global APIs to do our bit to help systems speak to one another. This year, after watching with interest the work that Origo has been doing in removing barriers to integration and seeing the real impact the Integration Hub is now having in making the platform sector much more connected, we see joining the Hub as a natural next step. So, we’re going all in with them, kicking off with bulk valuation data feeds and contract enquiries, with plans to add transaction history and remuneration in the pipeline.”
Origo CEO, Anthony Rafferty, says momentum for the Integration Hub has been “growing rapidly”, with 20 companies signing to the the service in the past 12 months.
“The Hub is a common-sense strategy for the industry as a whole, fulfilling the very real need for companies to be able to integrate with each other as quickly and easily as possible to increase efficiencies, save money and help deliver better outcomes for consumers.
“We are delighted to have Praemium join the Origo Integration Hub, further validating the benefits the Hub is bringing to the industry’s platforms, providers and adviser software providers.”
Aviva’s head of Platform Development and eCommerce, Karl Greenway, adds: “I’m delighted this service has now been launched and it further demonstrates Aviva’s commitment to supporting our intermediary supporters and the Origo Integration Hub. We continue to focus on the importance of technology integration and supporting advice firms in delivering more efficient services to their clients.”
* A Disconnected World: The Adviser’s Reality can be downloaded here.
