Praemium signs on with software standard
Portfolio administration provider Praemium has announced it will enter into the development effort for a set of standards that was jointly released last week by Coin and IWL subsidiary VisiPlan.
The External Platform Interface (EPI) standards are said to provide a common protocol for transfer of information between platforms and front-end software that will eliminate the need for data to be rekeyed between systems, improving efficiency.
Praemium managing director Arthur Naoumidis said the company would implement EPI in its portfolio administration service (PAS) and separately managed account (SMA) platform.
He said doing so would allow the systems to interface with financial planning systems that also use the standard.
Last week Coin and IWL, which worked in collaboration for eight weeks to develop the standards, said Coin Office version 2.6 would support the format, while VisiPlan 7.1 and version 7.2 already used the standards.
Naoumidis said the standard was a “significant step forward for the financial services technology sector”.
“We believe adopting EPI will greatly assist us in attracting additional clients to both our PAS and SMA offerings as this will provide significant efficiency benefits for financial planners. We are very pleased to be part of this initiative and congratulate IWL and Coin for getting the ball rolling,” he said.
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