Intelliflo has welcomed the UK government’s commitment to deliver an open Application Program Interface (API) standard that will enable consumers to access apps that bring together financial data across a range of products and from different product providers.
The government published its commitment in the July 2015 budget:
7.12 The government is today announcing its intention to deliver an open API standard in UK banking. HM Treasury will work closely with banks and financial technology firms to take the design work forward and will set out a detailed framework for an open API standard by the end of 2015. This will allow the development of third-party apps that are compatible with the systems of all UK banks, and that can securely use customer banking data (with their permission), to provide even more in-depth comparisons and other value-added services.
Through its management software for financial advisers, Intelligent Office (iO), Intelliflo is leading the field in empowering advisers to give their clients consolidated views of their wider financial situation at any given time. As part of the company’s drive to ease access, it has recently joined the Financial Data and Technology Association (FDATA), the industry body for financial technology (FinTech) companies which give consumers control over their financial data.
Nick Eatock, Intelliflo’s Executive Chairman comments: “It’s important that consumers have access to tools that allow them to quickly and easily view their broad financial situation and advisers have a central role to play in working with their clients to empower them to do so in a way that is beneficial for financial planning over the long-term.
“Having an open API standard that all financial organisations use is essential to enable delivery of comprehensive consolidated views across financial products and joining FDATA allows us to add our voice to those of other FinTech companies striving to achieve this.”
Andy Maciver, Director at FDATA, added: "We're delighted to have Intelliflo join us. They're a great example of a company which is aggregating data to offer their customers a holistic view of their finances, improve efficiency and make good financial decisions.
"FDATA's members share a common aim to make it easier for consumers and small businesses to manage their money. We're pleased with the progress the Treasury is making and with Intelliflo's backing we now have more clout to ensure that our voice is heard."