Australian financial software company Moneysoft has turned on Open Banking data feeds for its client engagement software, powered by Envestnet | Yodlee.
Moneysoft is working with the accredited data recipient to access Open Banking data under Australia’s Consumer Data Right.
Its client engagement software is used by more than 250 financial advisers, mortgage brokers and money coaches across Australia, who will now benefit from live information coming into Moneysoft’s personal financial management tool via Open Banking’s secure APIs.
Jon Shaw, chief executive officer of Moneysoft, said the company is “excited to make this industry-leading shift to Open Banking as a primary source of information”.
“Open Banking is a government-regulated method of data collection and sharing that is safe, reliable and standardised,” he added.
“Moreover, it supports the use of electronically delivered bank account data to build end-to-end customer journeys that solve problems in real time, to help Australians budget, build wealth and save for their retirement.”
Moneysoft is part of Link Group which connects people with their assets, including equities, pensions and superannuation, investments, and property assets.
Dee McGrath, chief executive officer, retirement and superannuation solutions at Link Group, said: “Superannuation funds have traditionally been wary of the risks associated with web-based methods of data sharing. This proactive move by Moneysoft to use Open Banking removes a major barrier for those funds.
“It allows them to adopt an innovative technology solution that supports the delivery of quality financial advice, so Australians can have confidence in their retirement outcomes.”
Financial advice is a great use case for Open Banking data and analytics, according to Tim Poskitt, ANZ country manager at Envestnet | Yodlee.
“Technology that interfaces with Open Banking can support advisers to become more efficient in data management and streamline the delivery of their client services.”