Alliance enriches aggregation service
Australia’s first account aggregation provider Financial Enrichment has joined forces with global information group CMG Admiral to increase its offerings to the Australian market.
Financial Enrichment, a Macquarie Bank subsidiary, and technology and security group CMG Admiral will provide an Australian based range of solutions for account aggregation to banks, financial institutions and major portals.
Macquarie Bank Internet division head and Enrichment executive chairman Rahn Wood says the enhanced service will meet needs as the industry continues to recognise account aggregation as a service to deliver to its clients.
“Most major banks, financial institutions and major portals realise the imperative of offering account aggregation for their clients and are currently seeking viable solutions,” he says.
The Enrichment account aggregation technology has been operating in the Australian market for more than 12 months, and was orginally developed by Macquarie with assistance from CMG Admiral.
And as regulatory issues surrounding account aggregation are dealt with, Wood says consumer demand for the service is expected to be strong.
“Account aggregation is clearly a high priority offering, for consumers and providers of financial services,” he says.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.