Four leading technology providers have united to create a new end-to-end solution for pension providers looking to onboard to the UK’s long-awaited pensions dashboards ecosystem.
Target Professional Services, mypensionID, Bravura and its subsidiary Delta Financial Systems have teamed up to better support pensions providers by helping them navigate the complex web of processes and regulation when connecting to the ecosystem.
Each business plays a specialist role in creating a seamless end-to-end journey to get providers dashboards ready ahead of their staging deadlines.
Leading tracing company, Target Professional Services, screens and cleanses member data, with its sister company, mypensionID, handling the verification and tracing of individual members using a purpose-built verification app designed specifically for the pensions industry. Uniquely, this means that members can verify themselves on their smartphone in minutes, rather than the long and drawn-out process of sending documents through the post.
Member data is then loaded into the jointly developed and fully cloud-hosted Bravura/Delta Integrated Service Provider (ISP) solution and configured to the individual provider’s preferred matching rules, before being fully tested to ensure compliance with the Pensions Dashboards Programme’s (PDP) Code of Connection. Regular consultation with Bravura and Delta will help support clients and future-proof the solution against any regulatory change.
Despite the recently announced reset to the UK’s PDP, providers are being urged to continue preparations to connect to the ecosystem and not wait for new staging deadline dates to be set, potentially losing valuable time further down the line.
Lisa Lyon, Managing Director at Target Professional Services, said: “I’ve lost count of the number of industry professionals I’ve heard say how perplexed they are with the process of onboarding to the UK’s pensions dashboards.
“Despite the recent reset, the staging deadlines will still rapidly approach and there’s a clear and urgent need for a compelling end-to-end solution to help take this stress away from providers, schemes and TPAs, who already have a raft of regulations to deal with, including the impending Consumer Duty.
“We’re all about providing an uncompromised standard of service to our clients, so the idea of bringing four specialist providers together that are capable of doing everything from data cleansing to providing a scalable out-of-the-box ISP solution was a no-brainer. While each company is a specialist in its own area, together the whole is certainly greater than the sum of our parts, which makes us totally distinctive in the market.”
Jonathan Hawkins, Principal Consultant & Pensions Specialist at Bravura, added: “Delta, mypensionID and Target’s deep expertise and technical know-how in the pensions and data sectors, combined with our ability to process huge volumes of assets and trades on our systems, brings a level of reliability and scalability that pensions providers require right now.
“Pensions dashboards are a crucial step towards modernising and digitising the UK’s pensions sector and, with the clock ticking, pensions providers up and down the country need tech partners with proven scale and expertise. This unique collaboration delivers that solution.”