Synaptic Software has secured a three-year contract with independent financial adviser network, In Partnership, to deliver a software solution to simplify compliance reporting and processes for its member firms.
Synaptic Software, solutions provider for financial advisers, will deliver application programming interface (API) software, to integrate new reporting capabilities into In Partnership’s software services.
The new solution will support compliance with the Markets in Financial Instruments Directive (MiFID II) regulation that requires investment advice firms to provide investors full details of the products’ charging structure, and the impact of costs on investment returns before they provide services to investors.
Synaptic’s API will provide MiFID II compliant transaction reporting for its 500 investment, mortgage and protection insurance advisers.
Synaptic’s solution will also enable In Partnership’s network of advisers to save costs by reducing manual effort in producing automated reports and removing the need to rekey information between platforms, research tools and back office systems.
APIs enable companies to create additional value innovation on top of their core financial platforms and products. A robust ‘API ecosystem’ allows companies to access data and information as they need, quickly and securely.
In Partnership also uses Synaptic Suite, an end-to-end financial planning system, that provides risk profiling and detailed financial projections on investment holdings. The software enables In Partnership to meet FCA requirements for managing investment risk and financial product research – to deliver ‘whole of market’ advice.
Stephen Ferry, managing director, Synaptic Software, said: “This contract was secured on the strength of our longstanding relationship with In Partnership and our digital capabilities to support their compliance and reporting needs. Our 25 years in the financial services industry enables us to develop and deliver solutions that meet our clients’ exact requirements.”
Gordon McNeill, compliance oversight director, In Partnership, said: “We are constantly looking at how we can improve on the services we deliver to our members. Synaptic has been a longstanding partner to help us with our digital needs and support our compliance and risk management needs. This additional software capability will now help our members with their reporting needs.”
Find out more about Synaptic's API's here