Our clients will be able to improve data integrity by eliminating manual input and fully automating the processes.
New York, NY (PRWEB) November 10, 2015
Innovest, a leading provider of next-generation technology and services for financial professionals, announced today that it has partnered with Open Finance, a financial services data aggregation company. Through this partnership, Innovest’s clients can simplify communications with multiple external institutions by consolidating data that is in multiple systems, formats, architectures and/or technologies.
Open Finance will help provide the full transparency, reporting, and analytic tools that Innovest’s customers require to fully service their clients. These services are available to all clients across various financial sectors and data is delivered across all asset classes. The offering will allow Innovest clients to provide consolidated reporting representing both assets held in house and assets held elsewhere.
Greg McCloskey, Innovest’s senior vice president of corporate development, said, “We are delighted to join forces with Open Finance to expand our offering for wealth management professionals. Our clients will be able to improve data integrity by eliminating manual input and fully automating the processes. The ability to offer an aggregation solution is becoming increasingly important as clients continue to diversify their investment portfolios but demand consolidated reporting.”
Open Finance aggregates a total of more than $2 trillion in holdings daily. Each holding has quality checks performed to ensure accuracy and consistency, while eliminating errors caused by corrupt or missing data. This solution will ensure Innovest’s clients:
- Improve end-client reporting
- Enable reallocation of important resources
- Increase reliability
- Reduce operational tasks
“Open Finance is thrilled to provide Innovest’s clients with a reliable aggregator that delivers an accurate, secure and dependable service. The importance of using a reliable outsourced data aggregator is often underestimated. Open Finance has a proven track record in dealing with the technical challenges that arise in the implementation and continuous maintenance of a leading data aggregator,” said Edward Loughran, Founder and Managing Director at Open Finance.
Innovest is a leading provider of financial technology solutions delivered to forward-thinking trust, wealth management, and retirement professionals. Innovest's solutions empower its clients to acquire new customers, invest assets effectively, manage trust and investment portfolios efficiently, and flexibly report results to customers. Innovest has over $425 billion in assets under administration on its trust and wealth management platform, processes more than 4 million payments annually and provides fulfillment services for more than 10 million documents including checks, advices, and tax forms each year. Innovest's wholly owned subsidiary, FinTech Securities, executes over 69 million equity shares annually. For more information about Innovest, visit http://www.innovestsystems.com.
ABOUT OPEN FINANCE
Open Finance, LLC is a leading enabler of data consolidation in the financial services industry. In these times of mergers and acquisitions, privacy, and demands for transparency, we can obtain holdings, transactions and other financial events from various institutions, consolidate data to a common form, provide layering of account and ownership relationships and seamlessly allow multiple views of the financial state, holdings by classification and transaction history. Having such control over data allows our clients to rapidly provide unparalleled reporting, client service and research; and enables clients to reduce cost, speed to market, implementation risk and issues while retaining absolute control of their brand and identity. To learn more, please visit http://www.openfinance.com.