Italian fintech company Fabrick and software provider Prometeia have joined forces to create a digital wealth management solution.
The Global Investment Portfolio (GIP) will use artificial intelligence and open banking to put together an investor’s “overall financial portfolio through the aggregate analysis of the bank accounts held by them across various institutions”.
The companies are both headquartered in Italy with an international client base.
The algorithm was developed by Prometeia and it infers and spots information generated by asset management activities run by other banks without the client needing to access all of their separate accounts, they said.
The GIP will run as a could service integrated into Prometeia’s digital wealth management platform while using Frabrick’s payment services (PSD2) gateway to access banking data.
‘Complete and personalised offer model’
Matteo Necci, partner at Prometeia, said: “Global Investment Portfolio is a cutting-edge solution with respect to the main trends in digital finance and is proposed as a distinctive element in the automation and digitisation of customer advisory processes.
“The combination of our know-how in artificial intelligence solutions for wealth management with Fabrick’s open banking expertise and ecosystem allows intermediaries to have in-depth knowledge of the investor’s financial portfolio, fully developing the potential of PSD2”.
Paolo Zaccardi, chief executive of Fabrick, added: “Wealth management is a sector that is proving to be very active in exploiting the benefits of open finance to develop new digital services that meet the needs of the public and end consumers who increasingly have new expectations and ever evolving behaviours.
“Fabrick is an active part of this process and the partnership with Prometeia demonstrates how access to current account data represents only the tip of the iceberg of the numerous opportunities presented by our ecosystem and the collaborative approach we promote.
“You just have to look at the Global Investment Portfolio solution to understand the great value that the combination of account aggregation and data categorisation brings to all the players involved, tangibly enabling a new and more complete and personalised offer model.”
