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Raymond James signs up to FINIO the new data integration hub

November 29th, 2021 | FINIO News

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Sprint Enterprise Technology, creator of the award-winning Fastrak* software for wealth managers and a leader in aggregating investment data, has launched FINIO, a major new integration hub which will significantly improve connectivity and the quality of data integrated between platforms and wealth management firms and software providers used by the adviser and intermediary communities. Raymond James is one of the first firms to partner with Sprint for the new FINIO hub, and Sprint is in talks with a number of other major platforms.

The rationale behind this launch is to simplify the integration process for firms and platforms with adviser software providers. Raymond James will need to manage just one connection to the FINIO hub instead of managing multiple point to point connections, thereby enabling the flow of investment data in a much more efficient manner. Adviser software providers benefit from FINIO’s flexibility and enhanced data output capabilities.

The key unique benefits of the FINIO data integration hub are:

  1. It is not prescriptive on data formats – in or out – FINIO can accept data in any format and is flexible in how it delivers data to adviser software providers
  2. It is much more than a simple ‘switch’ or ‘pipe’ as FINIO transforms, enriches and reconciles data before passing it to the provider
  3. it offers a very flexible and a more ‘granular’ data output to support the most demanding of reporting requirements. FINIO recognises that not all adviser software providers want to store large quantities of investment data – so it makes data available both by way of bulk files and it’s on-demand API to provide much smaller packets of ‘report ready’ data.

Additionally, where needed, FINIO combines legacy data from old and new platforms to supply a continuous history from day one. FINIO also offers powerful dashboards to monitor and control the flow of data, and a team of data experts to provide invaluable first-line customer support.

Sprint is ideally placed to offer this as it already has integrations in place with over 20 platforms including names such as Ascentric, Transact and AJ Bell. It is currently the only supplier in the market interpreting and transforming transactional level data and already processes more than £40bn of investments each day, with the ‘plumbing’ in place to access over £500bn of investments.

Robin Bevan, CEO of Sprint Enterprise, explains: 

“There are two trends emerging with investment data in the wealth management industry 1) efficient data sharing between systems is critical to well-run wealth management firms and 2) the data being exchanged between systems is becoming increasingly complex. The industry has mostly addressed this by building individual point to point connections between systems, which means a small wealth management firm can need as many as 20-25 such integrations.

Scale this up to industry level and hundreds of point to point connections are required to connect UK platforms and wealth management firms to the 50 different adviser software providers. Building and maintaining these integrations is highly labour intensive. FINIO allows platforms and firms to do away with this overhead, build and maintain one connection to FINIO, which, for most platforms, is already in place, and let FINIO do the ‘heavy lifting’ to deliver accurate and reconciled data in a flexible format to the software providers used by most advisers.

We have a double advantage a) we already have the ‘plumbing’ in place with most investment platforms and b) we have the know how to interpret, reconcile and normalise transaction level data. We have segued naturally into this – it’s what we do all the time – so it’s just a question of doing more rather than something new.

We are delighted to be going live with Raymond James – we will be delivering data to a number of solution providers for them including intelliflo, CURO from Time4Advice, moneyinfo, Fastrak and directly to a number of intermediaries. It very much speaks to the quality of  Raymond James data that they are one of only two firms where we were able to reconcile 100% of their data at outset of the project, making them an ideal firm to work with as we launch the new FINIO solution.

The benefits of FINIO go well beyond the platforms and adviser software providers. FINIO will help advisers too – enabling the flow of transaction level data into the software systems they use to manage their practices, and thereby eliminating, or at least hugely reducing, the level of rekeying of data that happens today.

Looking ahead, Sprint has ambitious plans to further build out FINIO to become the leading industry wide hub that will connect platforms, wealth management firms and adviser solutions providers, and to leverage this data through its front end reporting applications such as its existing Fastrak reporting solution and a new data analytics application called UNIFI.”

Cynthia Poole, Raymond James  Director of Relationship Management and Business Support, added:

“We are delighted to partner with Sprint for their FINIO data integration hub solution, allowing us to significantly enhance our data integration capabilities for both intermediaries that introduce business to discretionary managers working with Raymond James, as well as for firms using our platform. The quality of the Raymond James data, combined with the rich FINIO capabilities, are a winning combination.”

Source: Money Marketing