Financial advice firms’ data speed and accuracy enhanced through tie-up between Origo’s Unipass Identity and Visible Capital’s Open Banking tools.
Origo Unipass Identity is enabling data-rich automation for the onboarding and ongoing suitability of clients in wealth and financial advice firms, through a tie-up with Visible Capital – named in The WealthTech 100 2020 list of the pioneering companies transforming the global investment and banking industries.
Visible Capital uses Open Banking technology to help automate the onboarding, and ongoing suitability assessment of clients, in a far faster, more secure and accurate process than the typical segmented, paper-based methods, while also ensuring regulatory compliance.
Visible Capital is using a piece of key technology from Origo Unipass: Identity. It makes obtaining client data as simple as possible by giving a unique identity that advisers can use to access financial websites like Visible Capital. Unipass Identity is used by 8 in 10 financial advisers.
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“The process has three distinct advantages: First, it reduces risk – no more out-of-date, inaccurate or mis-keyed data.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.”
Customers only need to authorise temporary ‘read only’ access to their bank accounts.
As the system accesses richer, highly accurate customer data on a secure, encrypted platform, its products can also ensure that 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.”
Ross 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.
“Visible Capital improves firms’ compliance, speed of processing, customer engagement, cost savings, and data accuracy & insights.”