Financial technology company Allfunds said it was boosting the capacity of the wealth management industry to engage in the digital ‘fintech’ revolution by launching an application programming interfaces (API) platform to over 550 financial institutions.
The move is aimed at improving the potential for Allfunds’ wealth management clients to generate new revenue streams “by developing innovative mobile applications (apps), and other cutting edge digital services".
The API Platform offers a fully digitised way of accessing Allfunds range of fund services, and it does so by providing access to third party applications using standardised APIs which comply with emerging regulatory norms such as MiFID II.
“With the Allfunds API Platform, we seek to empower our customers, partners and their developers, to innovate and grow their businesses by enabling them to offer their customers a simpler, faster, safe and convenient way to interact with them,” said Allfunds chief executive Juan Alcaraz.
“This platform will integrate Allfunds’ technology and services into their digital solutions in an easy and cost-effective way. It will also reinforce our position as the technology provider who brings forward innovation to enhance the digital journey of our partners.”
Allfunds Bank Group offers integrated fund solutions (operational, analysis and information). Created in 2000, today Allfunds Bank has more than EUR 290 billion in assets under administration, and offers close to 53,000 funds from 559 fund managers.