LAB Group integrates with Iress’ Xplan
18th May 2022
Sydney, Australia – Australia’s most connected account opening platform provider, LAB Group (“LAB” or “the Company”), is pleased to announce that it has delivered a new integration via a partnership with Iress Ltd (ASX: IRE, “Iress”), which will simplify digital client management for users of Iress’ Xplan software.
Iress is a market-leading technology company providing software to the financial services industry. It provides software and services for trading & market data, financial advice, investment management, mortgages, superannuation, life & pensions and data intelligence. Its software is used by more than 10,000 businesses and 500,000 users globally.
Iress’ financial advice software, Xplan, has integrated with LAB’s highly standardised client onboarding platform. The integration provides financial advisers using Xplan with the ability to seamlessly initiate and pre-populate client applications for new products directly from Xplan into a product manufacturer’s branded LAB environment.
The capability provides convenience for financial advisers and their clients and also facilitates a flow of business to organisations on LAB through an integrated channel. Through this integration, businesses on LAB will also benefit from significantly improved access to their products and services via Xplan.
Matthew Mensforth, Iress global head of product, financial advice, said:
“We are delighted to deliver an integration between Xplan and LAB. This integration supports our commitment to improve efficiency across our ecosystem and the industry and to make it even easier for advisers to streamline onboarding of new and existing clients.”
Nick Boudrie, CEO and co-founder of LAB Group, said:
“In light of the significant unmet need for advice in Australia and the ongoing growth in interest in self-managed super funds, we see significant potential for this integration to help our customers and their clients to achieve their goals more efficiently. At LAB, we are always pursuing ways to generate more value across our ecosystem. Through our partnership with Iress, we are excited to announce a new integration between Xplan, and our digital onboarding platform.
“This integration will bring a range of benefits: it will save advisers time in originating applications, it will reduce the turnaround time of processing applications for financial products and cut down the identification paperwork gathering requirements for advisers.
“This automated data flow from Xplan into the LAB platform will deliver advisers an estimated saving of 33 hours per 200 applications. In a time of increasing regulatory and compliance pressure for financial planners this is a vital operational efficiency for the industry.
“Integrations such as this between LAB and Iress, reflect our commitment to continually deliver increased automation and efficiency to the financial services industry. We look forward to further expanding our upstream and downstream connectivity to provide enhanced product origination and distribution for our clients.
“We remain committed to maintaining our advantage as Australia’s most connected digital onboarding platform. As our network continues to strengthen across financial services and other industries, we look forward to building out more connectivity and downstream integration as we work toward our strategic goal of leadership in data automation across our chosen markets.”
About LAB Group Services Pty Ltd:
Where welcome onboard begins.
LAB is a RegTech providing an innovative KYC & Onboarding platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory needs whilst saving time and resources by providing a high degree of automation for account creation and customer lifecycle management using remediation and ongoing customer due diligence processes.
The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings. Each month the LAB platform processes investment value in excess of $500 million.
Connect to more people in more places.
Connect into the LAB Network that leverages strategic partnerships and integrations to enhance product origination and distribution.
Hundreds of regulated entities around the globe connect through the LAB Network to accelerate customer registration, reduce onboarding time, increase security, and achieve higher completion rates.
The leaders in secure onboarding.
LAB’s continually advancing platform empowers businesses to stay ahead of rapidly changing compliance regulations and evolving customer experience expectations.
Our Software-as-a-Service (SaaS) platform provides a fully compliant, end-to-end, multi product digital onboarding process. LAB seamlessly connects digital client acquisition, ID verification, biometrics, workflow management, fraud protection and compliance services on a single platform.
Become part of the most connected digital onboarding platform.
With LAB’s unmatched connectivity, we get you to market sooner through our sector-agnostic integrations and transformational data automation.
Discover more at https://labgroup.com.au/