Australian account opening platform provider LAB Group has partnered with Complii FinTech Solutions to assist advisers in meeting regulatory obligations by digitising compliance and operational functions.
Complii is an ASX-listed fintech group that specialises in software as a service that digitises compliance, capital raising and operational functions, assisting Australian Financial Services Licence holders to meet their regulatory obligations.
Under the new partnership, LAB Group will integrate its client onboarding platform with Complii’s web-based compliance software.
This connectivity gives LAB Group and Complii customers a way to accomplish digital onboarding, account opening, compliance and operational needs at organisation, adviser, client and investor levels.
LAB Group chief executive Nick Boudrie said the integration underlined LAB Group’s ability to get clients’ capital invested faster through its rapidly growing connectivity across the financial services industry.
“Partnerships such as the one between LAB Group and Complii support our drive to deliver not just automation and efficiency to the financial services industry, but also best-in-class streamlined identity verification at a time of rising concerns regarding fraudulent banking activity,” he said.
“As Complii shares LAB Group’s commitment to the full-service stockbroking industry, the integration of our platforms has rapidly shown tangible benefits to Complii end-users.
“We look forward to supporting Complii’s strategic growth plans through this integration and exposing our platform’s capabilities to a broader audience.”
The strategic partnership would define a new automated workflow that used the company’s existing integration with clearing and settlement providers.
Complii would aggregate data from various sources, including clearing and settlement providers, to ensure investors were profiled and issued compliance documentation accordingly (such as statements of advice), as well as ensuring compliance was maintained.
LAB Group said the integration would benefit its wealth advisory and stockbroking client base.
Complii executive chairman Craig Mason said advisers previously had to rekey LAB-generated account holder information into Complii’s portal in order to create statements of advice.
“That double-handling will now become a thing of the past as this integration significantly boosts our users’ efficiency and enhances the usability of our solution,” he said.
“We look forward to facilitating a smoother flow of business through our integrated channels as we support each other’s growth objectives.”