P1 Investment Services has launched its Application Programming Interface (API), a tool which will allow advisers to integrate the software they use with the P1 Platform.
With financial advisers already under regulatory pressure, due to factors such as increased costs and the upcoming consumer duty, P1 said software integrations are becoming a "must have" to operate an efficient business with longevity.
The firm argued that these issues could be addressed through this newly launched tool as "access and use of the P1 API is simple, allowing data to flow between systems freely and securely".
The API manager has been built by P1 with three key objectives to help simplify workflow, get the most out of data, and improve the client experience, the announcement explained.
The first objective is integration, aiming to make it easy for other applications and systems to interact with the P1 Platform, increasing platform functionality over time, reducing human errors, and removing administrative burden.
Automation was also identified as a key objective, allowing more tasks to be automated between different systems by connecting workflows.
P1’s last objective for the interface was innovation, allowing external providers and users of the P1 Platform to connect their own applications and innovate without having to rely on the P1 development team.
Speaking on the launch, P1 CEO, James Priday, said: “We’re an investment platform built on streamlining what other investment platforms do and leading on technological efficiencies. Many advisers will inevitably begin to develop their own applications, through Microsoft’s Power Platform, for example.
“That is why we’ve launched the P1 API Manager; to make it easier for advises to integrate with their own or their software providers’ systems seamlessly.
“We already have some very exciting deep integration projects in progress, and we’re looking forward to announcing these in the coming months.
Priday went on to say that the platform is low-cost, and that P1 prides itself on its “fantastic” service levels and now it aims to lead the platform market on deep systems integration.
Tom Martin, principal software engineer at P1, added: "I've witnessed first-hand how technology can empower and drive innovation within the financial sector.
"Our new API Management tool is the next step in that journey, facilitating seamless integration and setting the stage for a new era of automation, efficiency, and user-friendly experiences."
tom.dunstan@ft.com
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