Visible Capital using Origo’s Unipass Identity to tie in with their Open Banking Technology
Origo’s 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.
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.
It is using a piece of key technology from Origo, Unipass Identity. This makes obtaining client data as simple as possible by providing a unique identity that advisers can use to access financial websites like Visible Capital. Unipass Identity is used by 8 in 10 financial advisers.
How Visible Capital works: 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The process has three distinct advantages: Firstly, it reduces risk – no more out-of-date, inaccurate or mis-keyed data.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.
Ross Laurie, Visible Capital's CEO says, “Our aim is to help financial advisers, wealth managers and pension providers automatically unlock greater value in their business through intelligent use of data.”
* Visible Capital was named in The WealthTech 100 2020 list of the pioneering companies transforming the global investment and banking industries.