Partnership provides advisers instant access to transaction data

The new Debt Adviser Support Portal feature will allow advisers to gain instant access to bank transaction data in an income & expenditure-friendly format, mapped to the Standard Financial Statement. Alongside the client credit reports from multiple Credit Reference Agencies already available via the Portal, this will give users a clear picture of a clients’ financial situation in minutes rather than weeks. 

Trustfolio’s Debt Adviser Support Portal is an adviser-led, "online anywhere" digital platform for the not-for-profit advice sector, designed to save time and money by removing the administrative burden of gathering clients’ financial information. Backed by AdviceUK, the UK’s largest support network for independent advice organisations, it has a track record of improving client engagement and outcomes.  

The Portal is run and managed by a team with a background in the debt advice and wider credit sector who believe that technology should enhance the adviser-client relationship. It offers the flexibility to embrace new technologies and access relevant data according to individual circumstances, enabling advisers to more efficiently and effectively support more groups, including the digitally excluded and those with mental health issues. 

Ryan Hayes, COO – advice sector at Trustfolio, says: “This new feature is an important step on the journey to making the Portal a one-stop-shop financial statement tool for debt advisers which we believe will transform debt advice delivery for the benefit of all involved.”

Hayes continues: “While we acknowledge that accessing a client’s banking data won’t always be appropriate or tell the whole story of their financial situation, the option and ability to do so instantly will save advisers time and improve client outcomes by providing a fuller picture of their circumstances.”

Andy Sacre, product director for Open Banking at Equifax UK, said: “We’re super excited that Equifax’s market leading Open Banking technology is powering our partnership with Trustfolio.”

Sacre went on to say: “We’ve been at the cutting-edge of the Open Banking movement for many years and are driven to work with more and more businesses to demonstrate the power of bank transaction data, especially when helping to get people out of debt.”