Rimbal has completed the strategic acquisition of financial technology company WiSecure Pty Ltd. WiSecure is a financial technology company providing software applications to the Australian financial advisory market with core software platforms LAMP (Adviser Management) and PIPE (Commissions).
The WiSecure acquisition will drive our dynamic data, information services and Open Banking initiatives, as well as automate and increase the scalability of our core network operations via its proprietary network management technology.
This acquisition of WiSecure, a former technology partner, is a ‘natural fit’ for Rimbal in acquiring technology and IP developed over 5 years specifically for managing financial networks and capturing, cleaning and transforming raw data into structured data and actionable insights.
The WiSecure systems are currently operational in Australia where they process over 500,000 data points and £100 million transactions per month as the core commission system for 1,000 financial advisers and brokers.
This acquisition comes ahead of the regulatory changes to Open Banking in the UK which now stipulate that banks must provide dedicated APIs for third-party providers to access retail client data. The ‘Open Banking’ regulations unlock the data silos of the large banks and remove their systemic advantage in having exclusive access to client data.
Rimbal is uniquely positioned to capitalise on the opportunities created by Open Banking for the benefit of its financial advisory networks, and will be bringing the technology into the UK market in 2020.