Origo to launch integration hub for fast, easy connectivity between platforms and adviser software suppliers
Origo is launching the Origo Integration Hub, a major initiative that will enable platforms and adviser software suppliers to quickly, easily and cost effectively integrate with their trading partners via a central hub.
Currently, companies have to integrate with each individual counterparty (point to point) to allow their systems to talk to one another. This matrix of integrations is expensive to build, expensive to maintain and each new trading partner typically requires its own business case to be gone through, adding time and cost to the process.
The Origo Integration Hub will sit between the platforms and the adviser software suppliers (see diagrams below). The key benefits are as follows:
- OIH will significantly reduce with the current complex matrix of integrations between companies, all of which have to be maintained individually
- It will provide a central hub through which platforms and adviser software suppliers can integrate with their individual trading partners, without having to undertake a new IT build each time
- Once integrated, OIH provides the connection to all other OIH customers
- As a central hub, OIH will simplify the integration process by supporting different versions of standards and different data formats, reducing risk and complexity
- OIH will automate new integrations enabling companies to more quickly and easily start trading through the hub
- It will also help companies extend their market reach by enabling them to offer faster integration with new partners
- It will enable existing integrations to be re-engineered to immediately reduce costs
- It will provide for standard and bespoke integrations where necessary
- OIH will simplify counterparty legals, as well as technical integration.
Paul Pettitt, Managing Director Origo, says: "Origo is a not-for-profit organisation and was established to help the industry improve, amongst other things, the connectivity between various different financial organisations, including platforms, providers and advisers. We build, maintain and develop crucial standards and operations systems without which the industry would not be able to conduct its business as efficiently and cost effectively as it does today.
"Origo Integration Hub is a major undertaking for Origo and one we are excited to be bringing to the market. It will deliver considerable benefits for the industry, by doing away with the complex matrix of IT builds between individual companies and providing a central hub to which companies can integrate and have immediate connectivity with other OIH trading partners.
"Origo's expertise and experience is able to implement this solution for the industry in a cost effective manner, because we are a not-for-profit enterprise and we work collaboratively and pragmatically with industry partners on major projects such as the OIH, as well as pensions transfers and pensions register service
"Origo Integration Hub will improve the efficacy of the industry and we expect that the time, resource and cost savings to be derived by using the central hub will be significant for all parties involved."