Benefits Guru are delighted that Intelliflo took part in our standalone Open Finance ratings for a second year running and achieved another overall Gold award.
Last year Intelliflo 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.
In this insight we take a closer look at the functionality they offer.
Account and Bank connectivity:
Using open finance technology Intelliflo can connect a user’s current accounts, savings accounts and credit cards.
They can use open finance to retrieve account data from 15 out of the 18 of the high street and challenger banks we have in our analysis, however; they currently do not connect to Standard Charter, Metro Bank or Tandem Bank.
Including partner & joint accounts:
Intelliflo allow users to connect their own banking, savings and credit card accounts, and those in a joint name or a partners account.
Transaction history & categorisation:
When an account has been linked to Intelliflo, on average, 12 months of transaction history will be made available.
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 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.
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.