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Why we’ve launched the Integration Hub

Origo managing Director Paul Pettitt explains the purpose of the Fintech company’s new technology and what it brings the industry and, in particular, adviser firms

Talking to platforms, software suppliers and adviser firms using those companies’ systems on the ground, one of the largest barriers to building efficiencies in their business – and consequently, one of the greatest bugbears for staff – is the lack of integration between systems and processes.

This is also a limiter of business expansion, as companies could increase both their number of trading partners and their competitiveness if they were able to quickly and cost effectively link to other platforms and vice versa, software providers.

For adviser firms and notably their paraplanners and admin staff, a lack of integration between their back office and platforms & providers, or slowness to develop it, means they have to improvise work-arounds in respect of the systems they use – or stick to manual, paper-based processes.

The primary reason for the lack of integration in the market is the time, cost and resource issues that platforms and software suppliers have in separately integrating with each new trading partner.

In our eyes, the solution would be to find a way they could connect once to a central hub which then had the capability to connect to any other platform or software provider with which they wanted to trade.

As a not-for-profit Fintech company, Origo’s brief is to work with the industry to find ways to improve the efficiencies and cost effectiveness of the industry’s business processes through the development of technology solutions. This requires us to work closely and collaboratively with industry members to achieve the desired end result.

We have successfully delivered ground-breaking innovations into the market – notably Options Transfers, which reduces pension transfer times from over 50 days to an average of just 6 calendar days (ex BACS), with some transfers going through in minutes.

Facilitating efficient integration

One of the FCA’s imperatives for the industry is to speed up the connectivity between financial services operatives. To that end, Origo has launched its Integration Hub, which enables platforms and adviser software suppliers to quickly link to each other via one central hub. This eliminates the need for companies to integrate with one another on an individual basis (point-to-point integration).

Initially, the Integration Hub supports investment valuations and account opening but support for a number of other processes is in the pipeline.

Importantly, it enables companies to not only more efficiently and cost-effectively connect with existing partners but also helps them to extend their market reach through faster integration with new and multiple trading partners.

Faster, easier integration can only lead to more firms integrating, which is good for the industry and, in particular, has direct benefits for advisers’ back-office operations and so for their clients.

The Integration Hub is a major undertaking for Origo and one we are excited to bring to the market. It will deliver considerable benefits for the industry, significantly cutting time, resource, risks and costs for all parties involved.

It also forms the major backbone for our work in helping the industry to deliver a Pensions Dashboard, giving pension companies the ability to quickly hook up to a central hub to enable the secure supply of their pensions dashboards data. 

If you can imagine a working environment where adviser firms can receive and transfer information between their chosen platform and their back-office software quickly and easily, and where systems can swiftly link to the trading partners of their choice, without the time, resource and cost of all the individual integrations, you are imaging the world that Integration Hub offers the market.

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