Standard Life and Fairstone have joined the Origo Integration Hub, bringing the number of users up to 50, with integration momentum growing ‘’significantly’ over past two years, the fintech says.
Origo Integration Hub is the centralised industry service enabling participants to link to a single central point, and regardless of company size, send and receive data to and from any organisation using the Hub. Currently, integration exists for key capabilities such as Valuations, Bulk Valuations, Bulk Transaction History, Remuneration, Account Opening and Transfer Tracking. Users select which services they wish to utilise.
Matt Noble, head of Business Development at Origo, says: “The FCA’s Consumer Duty rules being implemented in July are focussed on the end consumer receiving a good outcome. Front-end service for the consumer can only be good if it is supported by fast and efficient back-office processing. Origo Integration Hub is helping the industry achieve those business and service goals.
“Momentum for the Hub has grown significantly over the past two years as companies look for cost and process efficiency, and faster and better consumer outcomes.
“The benefits of the Hub are significant for the industry. Previously, companies would have had to integrate point-to-point with each individual counterparty to enable their systems to talk to one another – a matrix of integrations which is very expensive to build and maintain, as well as complex to manage.
“The Hub removes the need for those individual IT builds, as well as the complexity and additional maintenance of point-to-point integrations. It opens up the market to more providers as they are not restricted by integration costs. And it reduces risk, as existing integration points can be re-engineered to immediately help to reduce IT risks.
“Most importantly, it enables the industry to transfer data and transact faster, more easily and more cost effectively.”
