68 connections - the future of platform integrations – is there a better way?
With help from our friends at Platforum, we conducted research with seven platforms to understand the process of developing and maintaining integration links with the likes of digital tools and back-office systems suppliers.
[the 68 connections a typical platform might have to set-up and manage]
What we found was that integrations exist for processes such as valuations, remuneration and cash-flow modelling, to name but a few. And each integration is weighted down by additional complexities - which means more resource and money. These additional complexities include:
- Legal contracts
- Business cases
- IT resource
- Due diligence & risk
- Ongoing Maintenance.
If updates are required or regulatory changes are put in place these ‘balls and chains’ really start to become a headache. You can imagine the hassle when the dreaded replatforming exercise comes into play. What happens to all of the integrations?
Just take a look at the diagram above to see the 68 'balls and chains' as discovered through our research:
The benefits of integrating systems are easily understandable. Speed, accuracy, transparency, and providing a hassle-free service for the user. Integrating systems puts the manual process of trying to obtain a latest fund valuation, for example, into the dark ages.
Some of us may remember being involved in the first setting-up and testing of real-time valuations (between provider and back-office system in 2001) and boy, have things changed! Technology and consumers now expect a level of ‘inter-connectedness’ to the full journey.
Now that time is marching on, we need to find the most efficient way of enabling more organisations to hook-up and best serve the consumer. Once the realm of the bigger players with big budgets, technology is proving to be the more efficient way to ‘serve more’.
The Integration Hub from Origo creates a level playing field for all. Each party hooks up once (per process) and is connected to all other hub parties. Instead of managing each and every connection, the Hub means you only have one connection to look after. Message and version conversion is handled through the Hub, meaning that regardless of which version a trading partner may be using – you’re still good to go.
The power of ‘one’ also applies to legal contracts – a burden that, according to our research, can often end up being the unexpected stumbling block to getting an integration up and running.
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