What You Need to Know
- eMoney Advisor updated its API strategy and partnered with Akoya Data Access Network.
- CircleBlack added a former Envestnet executive.
- Smarsh launched applications for Zoom.
BNY Mellon’s Pershing and Orion Advisor Solutions have expanded their relationship via a series of technology integration updates.
The new integrations will enable advisors to easily navigate between NetX360, Pershing’s professional workstation, and the Orion platform, and provide access to real-time data and documents, the companies said in a joint announcement Tuesday.
“The expanded relationship will deliver advisors even more flexibility, deeper insights, and more choice, helping them realize new efficiencies, drive business growth and significantly enhance the advisor-client journey,” they said.
Additionally, the enhanced application programming interface (API)-level integration with Pershing will provide advisors on the Orion platform with access to real-time positions, balances and activity on their clients’ accounts, according to the companies.
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Also, Pershing documents, including confirms, statements, tax documents and notifications, will now be available via Orion’s new Client Portal, providing investors with an “at-a-glance view of custodial documents within a single app connected to every aspect of their financial lives,” the companies said.
eMoney Advisor Updates API Strategy
Fidelity Investments’ eMoney Advisor software business has updated its API strategy, saying it has continued work to transition from credential-based data aggregation (“screen scraping”) to API-based data aggregation.
eMoney successfully transitioned seven of its largest volume connections to APIs by the end of 2020, and more than 60% of all screen-scraped accounts on the eMoney platform were migrated and connected through direct access via API, it said Thursday.
The company also partnered with Akoya, a financial data access network connecting financial institutions and data recipients. eMoney is the first data aggregator to join the Akoya Data Access Network, the companies said. With access to Akoya, eMoney plans to create a more streamlined flow of data and allow for more stable and secure connections.
eMoney is planning to go live later this year on the Akoya Data Access Network and eMoney clients will receive additional information closer to launch, it said.
Akoya was originally developed by Fidelity Investments to mitigate the risks associated with screen scraping. In February 2020, 11 North American banks invested in the now-independent company alongside Fidelity.
Sycamore Co. Launches Tech Solution
Sycamore Co., a provider of cloud-based financial technology solutions for front- to back-office operations, launched an advisor and trade surveillance solution to help RIAs and broker-dealers “mitigate the reputational, regulatory and operational risk of trading and commissions,” it said.
The new surveillance solution combines configurable alerts with normalized data, business intelligence and compensation reporting within one integrated platform built on Salesforce.
Kingswood Launches Enhanced Alternative Investment Platform
Kingswood U.S., a network of wealth management firms that oversees more than $2.1 billion in client assets, launched an enhanced retail alternative investments platform.
The new platform is part of its “broader strategy for investing in cutting-edge resources that elevate the financial advisor service experience, while enabling its advisors to seamlessly deliver the widest possible array of institutional-quality investment solutions that align with their clients’ needs and goals,” it said.
The fully digitized platform is powered by fintech firm WealthForge’s alternative investments subscription solution, Altigo.
Bluff Point Buys RIA Tech Solutions Provider
Private equity firm Bluff Point Associates acquired RIA technology solutions provider True North Networks, adding the managed services, private cloud hosting and managed security service provider to its growing portfolio of tech companies serving the financial services industry.
The transaction closed on March 12 and financial terms were not disclosed.
True North was founded in 2002 by Steven Ryder and provides Securities and Exchange Commission-compliant information, tech solutions, network security and support to independent RIAs and other financial services organizations across the U.S.