Cashflow planning software provider CashCalc will allow advisers to have real-time valuations or access transaction history of their client’s funds in June, as it is working on connecting with the Origo Integration Hub.
Currently, the not-for-profit fintech company has eight providers already signed up to the hub, which removes the need for companies to integrate with one another on an individual basis, instead linking up through Origo.
CashCalc is one of the six software providers which have joined the hub, which currently supports investment valuations, transfer tracking, account set-up and transaction history.
Ray Adams, director of CashCalc, told FTAdviser that this integration will allow the software provider to connect with a group of different providers in one go.
He explained that advisers will be able to conclude the initial fact-finding much more quickly, as the information will be electronically available.
He said: "Historically, an adviser would book an appointment with a client and maybe spend two hours doing a full fact-find, but what the users of CashCalc are doing is sending out a data capture form, which is effectively an electronic fact-find. The client puts all the data in.
"With the integration with Origo, if the client is with a pension provider which is connected to the hub, a question could pop up and say ‘I see you selected company X as your pension provider, do you want to get an up to date valuation now’ and they can potentially give authority for us to link straight up to the dashboard and get it."
Mr Adams said that in March, 1,700 clients filled forms for electronic fact find processes.
He said: "Bear in mind that an appointment would historically be two hours long, but even if it was only one hour, if the adviser is getting all the hard facts, we saved 1,700 hours in meeting times.
"That is just on the fact-finding process, it will also save admin time in posting valuations through the mail, so the whole process could save several hours, which would hopefully drive fees down for the [end] client."
CashCalc is also working on introducing other features of Origo hub, such as pre-populating an application form with the provider.
This feature should be available at the end of the year or beginning of 2020, Mr Adams said.
Anthony Rafferty, Origo’s managing director, told FTAdviser that several other companies are in the pipeline to sign up to the hub.
He said: "From a provider perspective, they have less IT time maintaining the integration, because we are in charge of that, they don't receive phone calls asking for the data, it's very secure and saves them time as well."
As an example, he said that Legal & General – the first provider to sign up for transfer tracking – saw a reduction of 60 per cent in chaser calls in the first month of the integration.
Origo is going to add more features to the service, and is currently working on introducing bulk valuations in the summer.