Origo is rolling out an integration hub, which it describes as a “major initiative” that will enable platforms and adviser software suppliers to “quickly, easily and cost effectively” integrate with their trading partners via a central hub.
The new Origo Integration Hub will sit between the platforms and the adviser software suppliers.
According to the eCommerce and standards body for financial services, currently companies have to integrate with each individual counterparty to allow their systems to talk to one another.
This matrix of integrations is “expensive to build, expensive to maintain” and each new trading partner typically requires its own business case to be gone through, adding time and cost to the process, Origo said.
According to Origo, the hub will “significantly reduce” the current complex matrix of integrations between companies, all of which have to be maintained individually.
It will provide a central hub through which platforms and adviser software suppliers can integrate with their individual trading partners, without having to undertake a new IT build each time.
As a central hub, it will “simplify the integration process” by supporting different versions of standards and different data formats, reducing risk and complexity.
It will also automate new integrations enabling companies to more quickly and easily start trading through the hub.
Paul Pettitt, managing director at Origo, said: “Origo Integration Hub is a major undertaking for Origo and one we are excited to be bringing to the market.
“It will deliver considerable benefits for the industry, by doing away with the complex matrix of IT builds between individual companies and providing a central hub to which companies can integrate and have immediate connectivity with other OIH trading partners.
“Origo Integration Hub will improve the efficacy of the industry and we expect that the time, resource and cost savings to be derived by using the central hub will be significant for all parties involved.”