FINIO streamlines investment data for solution providers, encompassing both straightforward valuation data (policy numbers, ISINs, units, and prices) and intricate transaction data.
Transaction data, with its ever-changing 200+ codes, demands a nuanced understanding for accurate interpretation, including accounting for historical corrections.
This reconciliation process can be daunting, especially for policies spanning decades with thousands of transactions. Yet, it's a vital step for wealth managers to provide precise client reports. FINIO takes care of data enhancement, reconciliation, and normalisation, ensuring that solution providers receive consistently formatted data effortlessly.
Valuation data, including policy numbers, ISINs, unit counts, and prices, moves smoothly from investment platforms to third-party software providers.
However, software providers increasingly require complex transaction-level data, with over 200 regularly changing transaction codes from investment platforms. Understanding these codes (inflows or outflows) is crucial and flexibility is key to accommodate occasional historical transaction corrections. Reconciliation is challenging for policies spanning 20 or so years with thousands of transactions. Yet, it's essential for precise client reporting. FINIO streamlines this process by enriching, reconciling, and normalising data, ensuring software providers receive report-ready information.
Facilitating investment data flow across wealth management systems poses challenges, especially in terms of control and visibility.
Investment platforms act as data controllers and require full control over their data. FINIO's legal framework empowers investment platforms to manage data access via the FINIO dashboard and to enable/disable data feeds to software providers and advisory firms.
The issue of data accuracy and timeliness also arises. FINIO's dashboard provides a dynamic tool for investment platforms, software providers, and advisory firms to monitor and analyse data flow, ensuring data integrity throughout the process.
FINIO's data process—reconciliation, enrichment, normalisation, and storage serves four vital purposes.
- It creates complete transaction histories for all policies within FINIO with different software applications accessing a full history of an investment policy from the day they go live.
- FINIO offers on-demand data for those that don’t want to store large quantities, reducing the need for excessive data storage costs.
- Stored data enables FINIO to provide customisable feeds with aggregated or calculated fields.
- Sprint Enterprise provide robust customer support to investment platforms, software providers, and when relevant, advisory firms.
The type of data being passed from investment platforms to software providers is becoming increasingly complex with software providers increasingly needing to incorporate transaction-level data into their applications.
This complexity inevitably gives rise to the need for more support – the problem is that investment platforms don’t always have the in-house support teams to field questions from multiple software providers.
Sprint Enterprise solves this problem by providing investment platforms and solution providers with great first-line support to head off all but the most challenging support queries.