European Open Finance provider Insurely has launched a new solution, ‘Investment Data Access’, that enables banks and financial institutions to gain real-time access to data on their customers’ investments.
In accessing standardised data on consumers’ investment portfolios, covering stocks, and mutual funds held in securities accounts, custody accounts, investment savings accounts, and endowment insurance, the new solution provides a detailed view of their investment behaviour.
In turn, banks and financial institutions can use these insights to offer more informed financial advice and planning to their customers.
According to Insurely, its latest product simplifies the process of gathering and transferring investments from one institution to another, with data collection taking 15 seconds, on average.
This data, combined with pension and insurance data, means that financial institutions can provide customers with a full financial service offering.
“In today’s financial landscape, we’ve seen an increasing need for greater transparency and control over personal finances,” said Rafael Cappelletti, Insurely’s chief product officer.
“Through Investment Data Access, we can offer consumers a more extensive overview of their financial assets, such as investments, non-life insurance, and pensions, all through one single platform.”
He added: “By addressing consumers’ needs for clarity, transparency, and control, we enable our customers to offer tools that help people make informed, confident decisions about their long-term financial wellbeing.”
Insurely, which was founded in 2018, offers real-time data sharing of insurance, pension, and investment data through APIs.
Its new solution is powered by the upcoming Open Finance regulation, Financial Data Access (FIDA) proposed by the European Commission.
Back in December 2023, Insurely said the release of the proposed regulation FIDA in June 2023 had “brought clarity to a legal framework for financial data access in the EU”.
