Wealth tech giant Envestnet and U.K.-based platform-as-a-service provider FNZ have teamed up to launch a digital, integrated solution that facilitates real-time account opening and funding, and allows for digitally automated servicing and maintenance offerings.
FNZ administers over $1.5 trillion and partners with more than 650 financial institutions, while Envestnet has $325.2 billion assets under management and its total revenues clocked in at over $318 billion in the second quarter, according to the company’s Q2 earnings report.
“At Envestnet, we are focused on enabling financial institutions, enterprises, advisors and their clients to make well informed decisions,” Envestnet Chief Executive Bill Crager said in the release, noting the FNZ partnership “will advance that mission and enhances our ability to empower advisors to deliver deeper insights to clients.”
The announcement follows Envestnet’s recent launch of three new platforms: Wealth Data Platform, Banking Data Platform and Technology Data Platform, according to a release from the company at Money 20/20 in Las Vegas earlier this week.
“We are going to have a wealth, banking, tech industry and a research platform … and each platform follows the same blueprint about connecting people’s money,” Farouk Ferchichi, Envestnet group president of data and analytics, told Bank Automation News on Tuesday.
These platforms are customizable because they are a “meta concept” menu offering that can be fully integrated into a platform via API connections, Ferchichi said. The launches support Envestnet’s modernization and automation efforts, which all were discussed during the company’s Q2 earnings call in August.
Specifically, the company’s Wealth Data Platform, a cloud-based data intelligence solution for financial advisors, will now be able to expand to global markets through the FNZ partnership, Crager said in the release, noting the platform will be integrated as part of FNZ’s solution with the ability to leverage the provider’s international scale and data sets.
The solution is expected to go live internationally in the first quarter of 2023 and in the U.S. in 2H 2023.
Looking ahead, this is likely just the start of several new launches for Envestnet as its new platform-as-a-service strategy restructures how the company builds, partners and “deliver[s] data analytics and digital products to the market and to our customers,” Ferchichi said.
