Origo launching Integration Hub to extend reach and reduce costs of platform and adviser software digital services
Origo has launched its Integration Hub to enable platforms and adviser software suppliers to quickly link to each other via one central hub.
The Integration Hub eliminates the need for companies to integrate with one another on an individual basis (point-to-point integration), by enabling just one link to be set up with Origo, who then enables quick and efficient connections to multiple trading partners.
Announced in October 2015, development of the Hub is a major initiative for Origo, the not-for-profit Fintech company. Initially, it supports investment valuations and account opening with support for a number of other processes planned. It also forms the major backbone for Origo’s 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.
Origo recently demonstrated a live feed of data to a pensions dashboard, to a group of industry representatives including large pension providers, third-party administrators and other industry and government bodies.
Paul Pettitt, Managing Director, Origo highlights the benefits to the industry:
BUSINESS CASE: “The matrix of point-to-point integration required at present if platforms and software suppliers want their systems to talk to one another can be expensive to build and maintain and every time a company wants to integrate with a trading partner, time and cost is added. The Integration Hub enables one-connection integration, significantly reducing resource, time and cost commitments.
REGULATORY: “The FCA has made it clear that Fintech companies should be helping to speed up the connectivity between financial services operatives. The Integration Hub from Origo does just that. Once plugged into the Hub, users will have automated connectivity with all other connected trading partners.
ADVISERS WANT IT: “In our talks with platforms and software suppliers, as well as advisers using the systems on the ground, integration between companies was cited as one of the main inhibitors to business efficiencies and expansion. A lack of integration or slowness to develop it means advisers have to improvise work-arounds in respect of the systems they use and platforms are faced with time, cost and resource issues in separately integrating with each new trading partner. The Integration Hub has done away with that.
BETTER FOR SUPPLIERS, ADVISERS AND CLIENTS: “In addition, it will enable companies to not only more efficiently and cost effectively connect with existing partners but also help them to extend their market reach through faster integration with new partners. Faster, easier integration can only lead to more firms integrating with direct benefits for advisers’ back-office operations and so for their clients.”
Pettitt added: “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.”