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7IM signs up to new FINIO data integration hub

December 16th, 2021 | FINIO News

7IM

Sprint Enterprise Technology announces that 7IM is the latest investment platform to sign up to its new integration hub called FINIO. This becomes the second major platform to join since launch two weeks ago, when it signed up Raymond James.

Robin Bevan, CEO of Sprint Enterprise explains:

“The need for integration between investment platforms and adviser software solutions becomes more pressing by the day. Adviser firms need data from investment platforms (e.g. valuations and/or transactions) in the many software solutions (CRMs, financial planning tools etc.) they use to run their businesses – but the problem is that building and maintaining these connections is extremely resource intensive. FINIO hugely simplifies this integration process as platforms only need to manage one integration to the hub leaving FINIO to do the ‘heavy lifting’ of delivering data to adviser solution providers.”

For a platform, the key advantage is about enabling the flow of data more efficiently to the numerous software solutions now used by advisers. As the need for additional integrations gathers pace, and as the volumes and complexity of data increases (transactions in addition to valuations), 7IM has decided to partner with FINIO to streamline and increase the efficiency of this process. 7IM’s decision to connect to FINIO demonstrates both the need for, and their commitment to, improving the movement of data between platforms and the software solutions used by advisers.

For the financial adviser, it’s all about getting better data in all the software systems they use more quickly, with less effort, but at no extra cost to themselves:

Data quality: FINIO will deliver real transaction data to replace the synthetic transactions currently created in some back-office systems (which don’t always reflect the nature of the transaction concerned)

More up to date: it often takes up to 24 hours for platform data to appear in back-office or other software systems. FINIO will get data into those back-offices more quickly – often as early as 07:00 the following day

Less effort: for some platforms, the adviser needs to manually upload data to the software systems they use. FINIO automates this manual process.

Robin Bevan added:

FINIO makes it super easy for platforms to connect with software systems – but there’s a lot more to FINIO than just that. FINIO enriches and reconciles platform data before making it available to software systems; we make the data available in a way that suits each software system; and we provide first line support to all parties involved: the platform, the software system, and direct to the intermediary.

We are delighted that 7IM has selected FINIO as the means of connecting to adviser software systems. We’ll be starting with intelliflo and then rolling out to the other software systems early in the New Year.

By doing so we hope to solve one of the industry’s biggest headaches by facilitating the flow of complex investment data between platforms and software systems in an efficient manner. And, in many ways, it’s the financial adviser who benefits the most as they’ll get better data more quickly into the many software systems they use enabling them to serve their own clients even better

Verona Kenny, Managing Director Intermediary, of 7IM commented:

“In today’s digitally focussed world, the provision of good quality data in an efficient and integrated way is fundamental to how advisers and financial planners are wanting to do business. We’re therefore excited to announce that we have partnered with Sprint Enterprise Technology and adopted their FINIO hub to help us enhance the digital experience of those who use the 7IM Platform.”

Source: Money Marketing