Aberdeen Adviser streamlines platform onboarding

Aberdeen Adviser has introduced a new integration designed to reduce rekeying and improve the transfer of client information between adviser systems and its Wrap platform.

The development uses Criterion’s Platform Account Opening Standard alongside integration technology from ZeroKey to create a more consistent flow of client and account data.

Criterion’s standard sets out how the information required to open platform accounts should be structured and exchanged, while ZeroKey provides the infrastructure that allows the data to move between systems.

Aberdeen Adviser said the integration should improve data quality and reduce unnecessary administration when clients open an account, make a top-up or transfer assets.

It added that cumbersome onboarding processes can create additional work for advisers and undermine clients’ confidence in the platform selected for them.

It also said adopting a common industry standard would provide a more scalable alternative to building separate bespoke integrations with individual adviser firms and technology providers.

Aberdeen Adviser chief product and technology officer Derek Smith said: “At Aberdeen Adviser, we’re focused on making it easier for advisers to do business with us and delivering a more seamless experience for their clients.

“By adopting Criterion’s Platform Account Opening Standard and working with ZeroKey’s integration technology, we’re helping to remove unnecessary rekeying, improve data quality and reduce friction at a critical stage of the client journey.

“Importantly, this is a standards-led approach that gives us a scalable and sustainable foundation for future connectivity, enabling more adviser firms and technology providers to integrate with our Wrap platform in a consistent way.

“This is another step forward in our digital strategy to simplify processes, increase efficiency and help advisers deliver a better experience from day one.”

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Criterion managing director Billy Burnside said the growing use of application programming interfaces across the platform market did not remove the need for common standards.

“API integrations are now the norm across the platform market, but the industry should not confuse connectivity with progress. Without common Standards, firms can still end up building and maintaining every integration differently, adding cost, complexity and duplication over time.

“The Platform Account Opening Standard gives API-led integrations a consistent but flexible structure, designed to support different approaches to account opening.

“Aberdeen’s use of the Standard shows how platforms can support smoother onboarding today and make future integrations with adviser systems easier and more cost-effective.”

ZeroKey chief executive and co-founder Joseph Williams said the project demonstrated how providers could work together to deliver integrations at greater scale.

“We are delighted to work with both Aberdeen and Criterion to deliver integrations at scale.

“It demonstrates the power of collaboration, with each party playing a distinct role: Criterion sets the Platform Account Opening Standard, and ZeroKey powers the infrastructure that puts it to work.

“By connecting Aberdeen to third-party systems in this way, we have helped make Aberdeen one of the most integrated investment platforms for account opening, which in turn helps financial advice firms reduce rekeying and minimise the potential for keying errors.”