In a statement, Moneysoft said 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 – with the ability to choose between two different methodologies when it comes to the collection and sharing of financial account data.
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, storing client information on Yodlee’s centralised server to collect account data, the statement said. 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. This 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, [and it allows] us to offer a more powerful, digitally safe solution to suit the unique preferences of our clients,” said Mr Shaw.
Mr Shaw indicated 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. Automation, Mr Shaw indicated, allows personal advice to be delivered more proficiently and cost-effectively.