Intelliflo have extended their existing Personal Finance Portal capability to support financial wellness services for pension providers and advisers. These can be used to support both scheme members direct and via their adviser partners client portals.
The standalone Open Finance ratings look at six separate areas of an Open Finance offering, and Intelliflo scored exceptionally well in five of these, obtaining a further five underlaying gold awards.
Using Open Finance technology Intelliflo can connect multiple accounts for their users. This includes current accounts, savings accounts, and credit cards.
They can use Open Finance to retrieve account data from 15 out of the 18 high street and challenger banks we have in our analysis, which includes all the main banks and credit card providers.
Unlike some others, Intelliflo can allow users to connect not only their own banking, saving and credit card accounts, but also those in a joint name or a partners account, meaning that a true household view can be given.
When an account has been linked to Intelliflo, on average, 12 months of previous transaction history will be made able.
The transaction history is captured automatically and they will categorise each transaction accordingly (they have up to 30 categories, but the user cannot add their own).
If a transaction from a specific merchant is manually re-categorised, Intelliflo will update and re-categorise all previous transactions from that merchant and all new ones going forward. Users are able to carry out a search by category, over specific date ranges and show an aggregated total spend.
Open banking requires members to give their consent for data to be shared. Intelliflo will automatically notify the user to renew their open banking consent every 90 days via email and will follow up with reminders if not actioned accordingly.
If the consent is not renewed after 90 days the account will remain active and keep all transaction history until consent is confirmed.
By extending the functionality of their Personal Finance Portal, Intelliflo are delivering a market leading Open Finance solution to the workplace pensions market.