Moneysoft partners with Yodlee and eWise on data aggregation
Cloud-based money management and budgeting platform Moneysoft will now allow advisers to choose their preferred model of data collection, sharing and security.
Moneysoft announced it has integrated two financial data aggregation platforms, Yodlee and eWise, to gather account balance and transaction data from a range of financial account providers.
The integration provides the company's clients – including ANZ, RI Advice, ClearView and Matrix Planning Solutions – the ability to choose between two different methodologies when it comes to the collection and sharing of financial account data, a Moneysoft statement said.
Moneysoft head of operations and technology Jon Shaw said: "We're now able to customise our solution even further to support both our clients, who have told us how important choice of data feed is to them and their own customers."
Yodlee requires its users to provide their online banking usernames and passwords via a secure encrypted communication system, storing client information on Yodlee's centralised server in order to collect account data. This information is then shared with authorised parties.
eWise, according to the statement, does not require users to share their online usernames and passwords with a third party. Its method of data aggregation securely stores information in an encrypted vault on the user's device.
"Security is an issue that regularly comes up and our new combined service proposition, which is a first in the Australian market, allows us to offer a more powerful, digitally-safe solution to suit the unique preferences of our clients," Mr Shaw said.
Mr Shaw added that the growing demand for the company's cash flow, budgeting and savings management platform is driven by the need for advisers to automate "time-consuming" jobs such as information collection.
This automation, Mr Shaw said, allows personal advice to be delivered more proficiently and cost-effectively.
Former CBA adviser permanently banned
The corporate regulator has permanently banned a former Commonwealth Bank-aligne...
Hayne devalued financial advice, says AFA
The Association of Financial Advisers has called out the Hayne royal commission ...
Brexit has inflicted serious damage, says advice CEO
Brexit has created unprecedented damage to the UK’s financial services industr...