Adviser platform and DFM provider Parmenion today (19 December) said it has added open banking functionality to its platform.
Through a new partnership with Payit™ by NatWest, with the help of their adviser, clients will be able to make top-up payments quickly and easily, direct from their bank accounts. The new functionality reduces the time it takes for their money to be invested on the Parmenion platform – and makes the process of clients sending money to the platform more secure.
This is the start of a wider move towards simpler ways to make payments – Parmenion said it will expand the capability to simplify how clients withdraw money, and they’re working with advisers to understand how open banking payment technology can support greater efficiency in the future.
Payit™ is an open banking technology from NatWest that enables payments through the online bank of a client’s choice using a QR code. Clients don’t have to bank with NatWest to be able to access it, nor do they require a mobile banking app, as the tool also works with online banking.
Adding the new functionality is part of Parmenion’s commitment to constantly enhancing the service they provide, making it easier for advisers and their clients to invest.
In recent research into the impact of poor platform service, conducted in conjunction with the Lang Cat, 82% of advisers said that poor service has a significant impact on their day to day working lives. Parmenion is committed to improving that picture through their own development capability and by partnering with businesses like Natwest, who are harnessing the power of open banking to deliver a better digital experience for clients.
Parmenion also continues to make improvements to client reporting, providing advisers with the flexibility to tailor reports for their clients. In response to adviser feedback, they have also introduced tiered adviser charging, with client grouping capability now live.
Parmenion chief marketing officer Sarah Lyons said: “We want to make it as simple and intuitive as possible for people to top up their investments whenever they like. As strong believers in the power of technology, we wanted to embrace the Open Banking revolution to make top ups even easier by adding the Payit™ tool to the platform.
“It is also important not to exclude clients who may not be as comfortable with online and mobile banking, so of course we will still allow investment account top-ups via the traditional methods of bank transfers and cheque.
Ritu Sehgal, head of transaction services and trade at NatWest said: “We are delighted to help Parmenion leverage the benefits of open banking through Payit by Natwest, enabling clients to top up their investment accounts in a simple and streamlined way. By giving their IFAs access to the service, Parmenion’s customers can add funds quickly to their accounts whilst ensuring a secure transaction.”
