Friends Provident and Standard Life have established a legacy data sharing alliance that they claim ...
Friends Provident and Standard Life have established a legacy data sharing alliance that they claim will enhance their respective wrap platforms.
The move will enable the respective companies' wrap customers to view Standard Life's and Friends Provident's existing investment and pensions business on both wrap platforms, in addition to their wrap holdings. It means intermediaries will not have to re-register assets onto the platforms.
Real-time valuation requests will be sent and received between the two providers' back end systems each time a customer or intermediary accesses their investment details through either company's wrap platform. The data will be exchanged securely using the contract enquiry data standards defined by industry standards body Origo.
Christine Foyster, head of wealth management at Friends Provident, said: "Our alliance is a huge step forward to realising the full potential of a wrap being a one-stop shop for customers to view their entire invest- ment portfolio."
John Taylor, marketing director for Standard Life Wrap, said: "Having access to real-time legacy data on demand eliminates the manual effort in valuing products that have not been purchased through the wrap platform. As an alliance we actively encourage other providers to come on board."
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