LAB Group teams with FinClear to ‘simplify’ client onboarding

The service with LAB’s interface allows FinClear to extract AML/KYC and account opening information from a LABform online application and automatically create an account record, while client trading has been fast-tracked.

The partnership also gives FinClear access to LAB Group’s application programming interfaces (APIs) for Australian stockbroking firms.

“Achieving a true straight-through process for customer onboarding is the ultimate goal and now we have completed this FinClear integration we are excited to be able to offer this capability to other customers,” LAB Group co-founder and chief technology officer, Lyndon Webster, said.

“Instead of rekeying information from one system to another LAB and FinClear are now fully integrated, which makes the end-to-end onboarding process far more efficient, scalable and cost-effective.”

FinClear chief operating officer, Andrea Marani, added, “We are excited to deliver integration with LABform to our iBROKER and TradeCentre clients.

“Establishing this connection will provide convenience for financial advisers and their clients and facilitate a flow of business through integrated channels. The streamlining of the account establishment process will save our clients time which they could spend talking to their clients.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.