However, this is only part of the challenge. William Sumner, Senior Sales Manager at Itiviti, says it is essential that vendors understand how Tier 1 banks work in order to make the onboarding process as seamless as possible.
“Onboarding can be made much easier through an understanding of how to navigate the complex compliance and risk processes at large sell-side firms and being able to integrate your product into those systems is essential”, he says.
Itiviti is developing AI-based processes to allow firms to more quickly onboard their flow based on historical connectivity data and developing rules to ease the onboarding processes based on that data.
Changing attitudes to cloud-based hosting has been a key factor in easing the onboarding process. 10 years ago, most firms (and in particular banks) were highly cautious when it came to hosting anything offsite. Today there is a far greater acceptance of hosting data and applications in the cloud.
“Cloud hosting is now seen as an enabler rather than an inhibitor. Banks still do thorough due diligence on their providers of course but it is no longer an issue that you are an external provider outside of the banks’ internal architecture,” says Alex.