Origo – Four of our proudest achievements in 2021
Antony Rafferty, CEO of Origo, reflects on four of the Edinburgh-based FinTech’s key achievements over the past year.
While 2021 has been another year that most people are probably glad to see the back of, as this time of year is traditional a period when we take a step back and reflect, I feel as a company we should take the time to consider what we have achieved.
Origo has a 30-year history of delivering technology solutions that make a difference to the financial services industry and to the consumers buying its products and services. Our expertise is in identifying the pain points for the providers, platforms, software companies, and financial advisers in the market and delivering a utility solution that solves the issue and whicheveryone can buy into.
We are proudly based in Edinburgh, but we work collaboratively with companies from the UK and overseas in delivering our industry solutions.
This year there are four areas I would like to highlight where, despite the pandemic, we have been able to help the industry become more efficient, more cost effective and as a result, help deliver better outcomes for consumers.
1. Being selected to build and run the core architecture of the UK Pensions Dashboards.
This year Origo was delighted to be able to announce that Capgemini and Origo had been appointed to supply the central digital architecture for the Pensions Dashboards Programme (PDP).
Pensions Dashboards will enable pension holders to identify and see displayed their pension policy data, which will help them make more informed decisions around their retirement planning.
This is a project we feel particularly passionate about and Origo was fully committed to progressing pensions dashboards from the day the project was announced. We see it as a major milestone in helping UK citizens to prepare for their futures.
PDP stated that the Capgemini/Origo bid was successful “due to its quality and value for money, plus the credibility and expertise of both parties to deliver the contract.”
2. Driving integration between systems and software.
One of the bugbears of our industry is that systems and software needed to run financial services businesses do not talk to one another and so force the re-keying or manual transfer of data and information between them. Not only does that increase risk to businesses but it makes for inefficient, overly time consuming and so costly operations. The solution is to integrate between companies and systems. In the past that has meant point-to-point integration between individual companies, which is expensive, resource heavy and requires ongoing maintenance and updating as rules, regulation and legislation changes.
As an industry solution, we launched the Origo Integration Hub, which enables participants to integrate once with the Hub and then operate with any other user. Currently, these arefor key operations, such as valuations, account opening, remuneration, transfer tracking and bulk transaction history, and further developments are in hand.
The Hub also helps drive competition and innovation, by levelling the playing field for all players, no matter how deep their pockets.
In 2021 signings to the Hub doubled and we now have over 40 companies integrated, from large providers to innovative new joiners to the market.
3. Doing away with inefficient paper-based systems.
Given we are in the 21st century, it is surprising that paper is still used to the extent that it is in our industry. While tackling operational inefficiencies has not been top of the priority list for financial services firms during the pandemic, for obvious reasons, this is now beginning to receive renewed focus amongst providers as they see it as a means to reduce costs and create operational differentiation in the market.
The Letter of Authority process, which is the way financial advisers notify providers that they are authorised to work with new clients, is a case in point. Currently, advisers have to manually fill in forms and have them signed by the client and then email, or in some cases fax them, to providers. Origo is making a dent in this with our Unipass Letter of Authorityservice, a way for providers to help simplify the current ad hoc way Letters of Authority are processed, creating a utility that delivers greater efficiencies for providers and adviser firms alike.
4. Keeping communications secure.
Cyber security has definitely risen up the priority list for financial services firms in 2021. As an industry we are handling huge amounts of personal and confidential information about individuals, which, if it falls into the hands of criminals, can be used to scam them or steal their identities. This can lead to devastating consequences for individuals as well as fines and reputational damage for the companies involved.
One of the most commonly used ways to communicate, i.e. email, is often the most vulnerable. This vulnerability is why we launched Unipass Mailock as a centralised industry utility to help businesses of all sizes secure their communications.
It encrypts email to keep the contents safe, combined with dual factor authentication, so the sender knows only the intended recipient can open it, and an audit trail is created for compliance purposes.
Two of the industry’s larger providers ”“ Aegon and Royal London ”“ started using Unipass Mailock in the past year to protect their communications with intermediaries and their clients and other companies are in the pipeline to go live.
These are four of our achievements over the past year. We arenot a large company and all that we have achieved is because of the dedication and expertise of our people, who, working together, physically and virtually, have done great things despite the pandemic.
If you haven’t done it already, I highly recommend taking a step back and contemplating your achievements this year. 2021 may not have provided the best environment for success but I will bet you will find you’ve achieved more than you think you have.
Bearer and Trace announce industry partnership
Bearer, the Data security risk platform, has partnered with Trace, a privacy, data security and data governance expert solutions company, to help companies leverage the best of services and software and build a connected compliance programme.
The Trace team brings decades of experience in working with companies to build their data security and data governance capability and apply a proactive Privacy by Design approach. And at Bearer, the team are innovating data risk assessments to build intelligence and stack visibility – meaning customers can scale inventories and surface critical data risks.
Together the teams bring the best blend of human and tech capabilities to help progressive organisations connect the dots for joined up data security, privacy and risk programmes.
“We have been working with Sorcha, and Trace for a number of months now and from the outset, what struck us was her deep expertise in the field while at the same time a fresh perspective that immediately connected with what we do at Bearer. By working together we believe we can offer the industry a very different outlook and bring together a new direction for data security in general.”
Guillaume Montard, CEO Bearer
“Holistic is a word much used – and abused – in this area, but we really are taking that as our North Star in creating this partnership. Together with Bearer, we’re on a mission to break privacy, governance and security out of the silo and help build connected compliance across the ecosystem. We’re going to help organisations properly embed data protection compliance properly so that it informs and enriches everything they do.”
Sorcha Lorimer, Founder Trace
Trace and Bearer’s partnership will kick-off with a complimentary clinic where attendees can pose real life dilemmas to our lead experts. This is ideal for FinTech leaders looking for a fresh perspective on data risk and compliance.
A white paper proposing solutions to some of the most pressing data compliance issues facing organisations will follow, sponsored by the Bearer Data-Sec Lab and community.
AutoRek listed in RegTech100 List
Scottish RegTech company, AutoRek, just announced it has been selected as one of the world’s most innovative RegTech companies as part of the annual RegTech100 list.
Autorek was selected amongst a long list of nearly 1,200 companies produced by RegTech Analyst, a specialist research firm, for its innovative use of technology to solve a significant industry problem and generating efficiency improvements across the compliance function.
The Scottish company is a financial controls, regulatory reporting and data management platform which provides complete and seamless control of data. Despite the pandemic.
Kemal Sangrar, Head of Product, AutoRek, said
“We are delighted to be listed in the RegTech100 for the fourth consecutive year. This award is recognition of our commitment in delivering regulatory reporting solutions to the financial services industry and testimony to innovative strategy underpinning our product. We have had a great year with the launch of AutoRek 6, with many clients looking to upgrade in the coming months.”
Mariyan Dimitrov, Director of Research, RegTech Analyst, added,
“Banks and other financial institutions are investing heavily into AI capabilities to automate highly manual regulatory tasks, support digital onboarding processes and monitor for fraudulent activity. The RegTech100 list helps them filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and financial crime prevention.”
A full list of the RegTech 100 is available at www.RegTech100.com.
Clearwater Analytics’ IPO Fuels Global Expansion
Clearwater Analytics is on a mission to revolutionise the world of investing.
For more than 15 years, Clearwater Analytics has provided a true SaaS solution for investment accounting and reporting that’s now trusted by more than 1,000 clients worldwide, including institutional investors in insurance, asset management, corporate treasury, the public sector, and more.
In September, Clearwater took an important step in furthering that mission through an IPO. The company is now listed on the New York Stock Exchange under the ticker symbol CWAN.
Although this is an exciting achievement for the company, in many ways it’s business as usual at Clearwater. Clearwater has always prioritisedinvesting a large share of profits ”“ 25%+ back into research and development to ensure the continual improvement of the Clearwater solution and to meet evolving market needs. That commitment continues.
In recent years, Clearwater has also committed to a global expansion that enables the company to grow and support clients around the world. Going public helps support that expansion in Europe, a major part of Clearwater’s global team, where the company recently opened offices in Paris and Frankfurt, in addition to existing offices in London and Edinburgh. Clearwater also operates in the U.S., India, and Singapore.
“Clearwater has rapidly expanded our European client base, including adding some of the largest European financial institutions as clients”, said Colin Clunie, Head of EMEA Operations at Clearwater. “This shows the exciting opportunity we have to continue to grow in the region and deliver to our clients at a local level. It also enables us to attract the highest calibre of diverse talent to support our growth, foster innovation, and create solutions for tomorrow’s challenges.”
The Edinburgh operations centre which serves as a key operations hub for Clearwater has grown by 30% so far in 2021, and that’s expected to continue. Clearwater is building out capabilities at all levels ”“ from recent graduates to senior industry professionals. Further, the European team alone speaks 22 languages. This means Clearwater has the depth and expertise to provide world-class service tailored to the individual needs of its growing client list, regardless of location.
Clearwater’s SaaS solution automates and simplifies the complex tasks associated with investment accounting and reporting while providing clients with a complete and validated investment data set across their portfolios daily. For global teams, Clearwater’s multi-basis, multi-currency solution is accessed simply through a web browser, making it easy to work from any location and trust the entire team has access to a secure, single source of truth for investment data.
Scotcoin ”“ download a Scotwallet!
Scotcoin is one of the longest-lived country crypto currencies, having been founded in 2013. Under the present management team since 2015, the number of holders now stands at around 7000 and in over 50 countries.
Scotcoin is on the Ethereum mainnet as an ERC20 token. It has been verified by Etherscan and code audited by Hacken.io. They have given Scotcoin their highest rating.
Scotcoin was early into recognising that governments would require regulation. New holders require to go through KYC (Know your customer) and AML (Anti money laundering) procedures. Scotcoin’s ecosystem is directly connected with the charity sector.
Scotcoin occupies the social good works ecosystem and plans are well advanced to accelerate this, with a Third Sector manager appointed. Scotcoin very much wants everyone in Scotland to be better off. Everyone within Scotcoin is working to achieve this. Charities will be able to apply to receive Scotcoin to work within their own ecosystem in a number of ways. The Scotcoin Project CIC (TSPCIC) – Scotcoin’s educational and informational arm – recently held an event for Social Enterprise Scotland to showcase how crypto and especially Scotcoin can help.
Scotcoin already engages with the likes of Social Bite, The Big issue and the IPPR; it partners with Better Internet Search and BBX. These organisations help people that have problems to get on their feet again. This is both Scotcoin’s goal and desire. TSP CIC Temple Melville says: “Please help with our ongoing development and mission.”
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Scottish fintech helping poorest households access thousands in unclaimed benefits
Not for profit community lender Scotcash launches new online Benefit Checker, finds nearly three-quarters of users missing over £4000 per year they could be claiming
A new, automatic online service will help some of the UK’s 8 million financially vulnerable households which currently miss out on £16 billion in benefits they are due.
Not-for-profit lender Scotcash said its new benefits calculator, provided by Inbest, an award-winning fintech, will automatically compare the actual benefits people receive with the benefits they are entitled to, based on their specific circumstances and financial situation.
The calculator is integrated within Scotcash’s online affordable loan application process and notifies customers about any unclaimed benefits before guiding their applications. It will help people in households who are unaware of their entitlement, wrongly assume they are not eligible or think an application is too complicated.
The feature is already helping loan applicants to top-up their salaries with their benefits entitlement, reduce their bills, apply for smaller amounts of credit, repay their loans more comfortably, and build savings in the future.
Sharon MacPherson, CEO of Scotcash, said:
“Financial insecurity is expected to be a bigger reality for more people as a result of the end of furlough, increased utility bills and higher national insurance contributions so it’s more important than ever people claim everything they are entitled to. We are delighted to enhance our existing customer support with this much needed new service.”
Manu Peleteiro, co-founder of Inbest, said:
“We believe that partnering with companies that offer complementary services is the most efficient way to reach people that are missing out on their benefits. We are super proud of the impact that this partnership is making on Scotcash customers, so far we’ve identified that 70% of loan applicants were missing on average £465 each month on benefits.”
The impact is even bigger for households with children, who can claim additional benefits of £565 per month they currently don’t.
“Affordable credit can be a lifeline for people who have difficulty accessing mainstream sources, such as banks and building societies,” added MacPherson, “but Scotcash has always been more than just an ethical lender and determined to help customers build their financial well-being. If they don’t access the benefits they are due, people can end up in worse financial situations. We’re thrilled to see the immediate impact this calculator is having on our customers’ lives.”
Scottish fintech Legado partners with MoneyHub
Today, Scottish fintech Legado announced a new partnership with open finance company Moneyhub.
Moneyhub customers will benefit from Legado’s encrypted personal Digital Vault services , enabling them to store their pension, life insurance and mortgage statements and policy documents securely and electronically.
By holding all those documents from different providers in one place, Moneyhub users can get a clearer picture of their financial histories and plan for the future. They will also be able to securely share those documents with selected third parties, such as advisers, friends and family. Each user will receive their own personal, portable and access-controlled vault, with features including after-death sharing and data integrations.
Legado is backed by UK insurer M&G and Edinburgh-based global platform-as-a-service provider FNZ, both part of the FinTech Scotland cluster.
Sam Seaton, CEO of Moneyhub said:
“As an Open Finance and Open Banking leader, Moneyhub truly is a hub for money, offering connections to pension and wealth management accounts, banking, insurance and investment, and more. And one thing all the various account types have in common is paperwork, which is why we have partnered with Legado to offer our clients a market-leading digital vault solution.”
Josif Grace, CEO & Founder of Legado said:
“As two technology leaders focused on helping businesses create exceptional digital experiences and consumers better prepare for the future, this partnership made a lot of sense. We are delighted to be working with the team at MoneyHub to create a world-class proposition.”
AutoRek selected by Superscript for Bordereau Reconciliations & CASS 5 Automation
Scottish fintech AutoRek just announced that Superscript would come on board as a new client.
Established in 2015, Insurtech Superscript is disrupting the business insurance distribution model, placing customers at the core of their business. It uses a flexible monthly subscription model suited to the fast-changing needs of today’s small businesses. With Superscript, customers can obtain quotes, set-up their cover in minutes, pay, modify, or cancel their cover any time, easily.
Autorek will be used by Superscript and become part of their digitally driven architecture to deliver end-to-end automation and to enable the business to scale and meet its exciting growth plans.
Gordon McHarg, CEO at AutoRek, added,
“We are delighted to have a client such as Superscript come on board. It is an exciting time for both Superscript and AutoRek in terms of growth plans and we look forward to collaborating on this project and building on our relationship.”
Piers Williams, Insurance Lead at AutoRek, added,
“We are excited to work with the team at Superscript, particularly as they are strong players in the new wave of digitally driven Insurance firms. We have built our Bordereau solution based on the market need and are looking forward to working with the team at Superscript to implement our market leading solution to deliver end-to-end automation.”
Anil Sharma, Chief Financial Officer at Superscript, said:
“Superscript has ambitious growth plans, and we are scaling quickly. As we are managing an increasing amount of policy transactions, the implementation of AutoRek’s technology will help increase efficiency for the finance team. Importantly, it can be incorporated seamlessly and will be a useful addition to our existing systems.”
Big win for Scottish Fintech Origo
Origo is delighted that Capgemini and Origo have been appointed to supply the central digital architecture for the Pensions Dashboards Programme and will be working with the PDP to help deliver the service for the benefit of UK pensions holders.
Announced by the Pensions Dashboards Programme and the Money and Pensions Service (MaPS) on 6 September 2021, the contract was awarded to Capgemini, who will partner with Origo to deliver the specified elements of the central digital architecture, namely the pensions finder service, consent and authorisation service and governance register, which will form a key part of the pensions dashboard ecosystem.
Origo has been fully committed to progressing pensions dashboards from the day the project was announced. Our 30-year history has been about delivering ground-breaking technology to make financial services more efficient and cost effective, and improve outcomes for savers and investors.
PDP stated that the Capgemini/Origo bid was successful “due to its quality and value for money, plus the credibility and expertise of both parties to deliver the contract.”
The procurement process
The procurement followed an extensive period of engagement by the PDP, with both the pensions industry and potential suppliers, which shaped the development of the technical requirements. This included several market engagement exercises and webinars to explain how the digital architecture will work and the policy background to the programme.
The five-month procurement started with the invitation to tender in April this year. The open and transparent process, used Lot 4a (Programmes and large projects ”“ covering Government official security classification) of the Crown Commercial Service Technology Services 2 framework agreement. This approach complies with all necessary government spend controls and provided a speedy, effective method to procure the digital architecture.
The successful conclusion to the procurement marks the end of the first phase of the Pensions Dashboards Programme, and is a major step towards bringing pensions dashboards to life. The programme now moves into its develop and test phase, as indicated on the PDP programme timeline. The focus now shifts to building the software elements that will make pensions dashboards work and testing the ecosystem, with the volunteer organisations that have signed up to be part of the testing phases.
Richard James, Programme Director of the Pensions Dashboards Programme at MaPS, commented on the day of the announcement: “Today’s announcement of a digital technology supplier marks the moment when dashboards move off the drawing board, and become real. I’m delighted to partner with Capgemini and Origo, who really impressed us with the quality of their bid; and whose deep pensions industry expertise coupled with extensive experience of delivering major programmes makes them superb partners for the programme. PDP now formally moves into its delivery phase, and I am looking forward to working with our new supplier, and across the industry, to make a success of pensions dashboards, and enable individuals to take control of their retirement planning.
Paul Margetts, Managing Director of Capgemini in the UK echoed our own delight “to have been chosen as the digital technology partner to build the core architecture and support the significant milestone of bringing pensions dashboards to life.” He added: “We believe our success is founded not only upon our expertise and deep capabilities but also through our strategic collaboration with Origo, who is dedicated to improving the financial services industry’s operating efficiencies. We are looking forward to working with the Pensions Dashboards Programme to support them in delivering a seamless service that will allow UK pension holders the control and visibility to take action and plan for the future.”
Concept to reality
Guy Opperman, Minister for Pensions, said that the announcement was “a crucial milestone for the dashboards programme, taking things to the next phase, where the concept starts to become a reality.
He added: “We’ve already put in place the primary legislation needed to pave the way for pensions dashboards. Now the programme, in partnership with Capgemini and Origo, can start to implement the technical elements, bringing the delivery of the first functioning dashboards even closer.
“I have previously urged pension schemes to get their data ready for dashboards. My message remains ”“ schemes should be improving their data quality as part of their preparations for participating. The clock is ticking and this achievement is yet another reminder that schemes must be getting ready to connect.”
Anyone interested in keeping up to date with programme updates and future call for inputs can sign up to receive the monthly Pensions Dashboards Programme (PDP) newsletter, and following PDP on Twitter and LinkedIn.
Scottish fintech zumo posts 100x user growth
One year on from a 150% oversubscribed £1.66 million seed funding round closed in just a few short hours, Scottish fintech Zumo has reported that its customer base grew a hundred-fold over the course of the year, increasing from 500 in August 2020 to 50,000 in August 2021.
Founded with the mission statement smart money for everyone’, the Edinburgh-based crypto wallet and payments platform is one of a range of Scottish-born fintechs thriving amidst the vibrant Scottish fintech scene, with underpinning GBP payment services provided by fellow young company and FinTech Scotland member Modulr.
Backed by early investors including Murray Capital, Coldplay’s Guy Berryman and the Scottish Investment Bank, Zumo’s mobile app and B2B product offering aims to bring the benefits of cryptocurrencies and blockchain technology to people and businesses everywhere, and it will continue to pursue ambition plans for growth over the course of 2022.
Other highlights from the past year included:
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Product: launch of a new virtual Visa debit card offering seamless cash-to-cryptocurrency payment functionality, alongside innovative smart price alert and smartfolio portfolio tracking features;
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People: a doubled workforce, with key strategic hires and appointments including Chief Operating Officer Dagmara Aldridge; Chief Technology Officer Tim Sabanov; and Non-Executive Director Andy Downes;
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Enterprise: the launch of ZumoKit, a B2B crypto-as-a-service solution that allows fintechs, banks and payment providers to connect to the blockchain, adopt digital and crypto currency solutions and profit from decentralisation; and
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Awards: recognition as a start-up to watch’ by Sifted, the FT-backed start-up monitoring platform, alongside further individual wins and nominations at the UK FinTech, Women in FinTech and EY Entrepreneur of the Year awards.
Nick Jones, Zumo CEO, commented:
“As we grow, it’s great to see the fintech ecosystem around us growing, too – not least through the efforts of organisations such as FinTech Scotland.
“With a global outlook, and breadth of product offering covering both mainstream consumer and business needs, we believe ourselves well placed to capitalise on unprecedented and growing consumer and institutional interest in digital assets and decentralised applications.
“We’re here to provide a new generation of smart money solutions for a new, decentralised economy – bringing financial wellness to people everywhere, not just the most tech savvy or financially literate.”