Abbey has agreed a deal with Europe’s number one financial tool developer1, Finantix, to develop the online toolset for its wrap service.
The contract will initially run for three years and cover the implementation and maintenance of an enhanced set of financial tools for Abbey’s Wrap, which is based on Finantix own market-leading OneWealth™ product.
Abbey and Finantix are working together to define the precise make up of an Abbey-specific toolset that will encompass risk profiling, asset allocation and simulation tools that will be available to advisers using Abbey Wrap, at no additional cost.
Ambrose McGinn, Director Abbey for Intermediaries said: "We started with sixteen possible providers and whittled that down to a shortlist of six before identifying the top three that we wanted to put through a full technical evaluation. From that we selected Finantix because of their understanding of the financial services industry in the UK and their track record in delivering technically complex functionality that we know would sit well with our existing systems. They are recognised as experts in the provision of advice tools and, at the same time, their skills complement our expertise in asset administration."
Alessandro Tonchia, Co-Founder Finantix said: "We see this as further validation of the functional excellence of our financial planning solution and its ability to deliver real value within an innovative Wrap proposition. The stringent technical requirements demanded by a framework as advanced as Abbey’s were perfectly met by our component-based approach and our technical architecture.
"We are very proud to have been selected to partner with Abbey in pioneering the Wrap concept within the UK market."