Capita’s Synaptic to provide financial compliance for In Partnership

By Sunniva Kolostyak

Software provider Capita has signed a three-year contract with In Partnership, the independent financial adviser network, to provide solutions to simplify compliance reporting and processes for member firms.

The partnership means Capita’s Synaptic Software will deliver API tools for reporting capabilities and integrating them into In Partnership’s software services.

This includes MiFID II-compliant transaction reporting for its 500 investment, mortgage, and protection insurance advisers.

Stephen Ferry, managing director, Synaptic Software, said: “This contract was secured on the strength of our longstanding relationship with In Partnership and our digital capabilities to support their compliance and reporting needs. Our 25 years in the financial services industry enables us to develop and deliver solutions that meet our clients’ exact requirements.”

The Capita solution will also enable In Partnership’s network of advisers to save costs by reducing manual effort in producing automated reports and removing the need to rekey information between platforms, research tools and back-office systems.

APIs enable companies to create additional value innovation on top of their core financial platforms and products. A robust ‘API ecosystem’ allows companies to access data and information as they need, quickly and securely.

In Partnership also uses Synaptic Suite, an end-to-end financial planning system, that provides risk profiling and detailed financial projections on investment holdings. The software enables In Partnership to meet FCA requirements for managing investment risk and financial product research – to deliver ‘whole of market’ advice.

Also commenting, Gordon McNeill, compliance oversight director, In Partnership, said: “We are constantly looking at how we can improve on the services we deliver to our members. Synaptic has been a longstanding partner to help us with our digital needs and support our compliance and risk management needs. This additional software capability will now help our members with their reporting needs.”