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Moneysoft Utilises Open Banking to Enhance Finance Management Tool in Australia

Sydney-based financial software company Moneysoft has established a collaboration with accredited data recipient Envestnet | Yodlee to turn on open banking data feeds for its client engagement software. 

The news means that consumers and professional advisers can now benefit from live information coming into the Moneysoft personal financial management tool via open banking secure APIs – at no extra cost.

Moneysoft hopes to make the process of gathering client information more efficient for financial advisors. Accurate and timely data come directly from open banking feeds, and are governed by Australia’s Consumer Data Right (CDR) revocable consent process and privacy rules.

The move comes in response to a recent Australian government announcement which meant superannuation funds should play a central role in the provision of financial advice – also causing a number of funds to begin preparations to expand their member advice services.

Jonathan Shaw, CEO at Moneysoft
Jonathan Shaw, CEO at Moneysoft

Jon Shaw, CEO at Moneysoft, explained the significance of the move: “As an innovative technology company focused on serving the highly regulated financial advice industry, Moneysoft 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. 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.”

Over 250 financial advisers, mortgage brokers and money coaches across Australia currently use Moneysoft’s client engagement software.

Removing a “major barrier” for superannuation funds

Moneysoft is part of Link Administration Holdings Limited (Link Group) which connects people with their assets including equities, pensions and superannuation, investments, property and other financial assets.

Dee McGrath, CEO retirement and superannuation solutions at Link Group on Moneysoft open banking
Dee McGrath, CEO retirement and superannuation solutions at Link Group

Dee McGrath, CEO retirement and superannuation solutions at Link Group, said: “Superannuation funds are traditionally wary of the risks associated with web-based data sharing methods.

“This proactive move by Moneysoft to use open banking also 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.”

The Moneysoft software focuses on financial wellbeing by prioritising cash flow management and wealth tracking. It looks to understand the consumer’s income and expenditure patterns, assets and liabilities. This also requires access to bank transactions, which run through an analytics program to generate insights.

Tim Poskitt, Australia and New Zealand country manager at Envestnet Yodlee on Moneysoft open banking
Tim Poskitt, Australia and New Zealand country manager at Envestnet Yodlee

Tim Poskitt, Australia and New Zealand country manager at Envestnet | Yodlee, also commented: “We are delighted to be working with Moneysoft to support proactive innovation for the financial advice industry, including advice provided by superannuation funds to their members.

“Technology that interfaces with open banking can support advisers to become more efficient in data management and streamline the delivery of their client services.”

The Moneysoft and Envestnet | Yodlee teams collaborated to arrive at an innovative combination of CDR Representative and Trusted Adviser models to support Moneysoft’s B2B2C business model.

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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