How Untie launched their offering of preference shares with systems and back office operations from Bricknode
July 17, 2020. Stefan Willebrand.
Untie is a customer of Bricknode who offers savings and loan products to companies and consumers. During 2019 Untie decided to offer a public investment product by issuing preference shares and was able to assemble this service by using multiple building blocks from Bricknode. The requirements were as follows.
On its current website Untie wanted to integrate with the system that managed the preference shares via API to permit automatic onboarding of customers with electronic authentication. Untie also wanted to be able to show real time information for their customers regarding the investment products performance and let the customer buy and sell preference shares. Investors could be individuals, companies or parents investing for their kids.
Management of the product lifecycle
The system where the preference shares were going to be managed had to be able to interact with the official register of shareholders which Untie keeps at Nordiska Värdepappersregistret, perform corporate actions like applying dividends and distribute these automatically to a large number of shareholders, manage tax reporting and much more.
Back office administration
Untie wanted to outsource all back office administration for the new service including things like daily reconciliation, manage withdrawals and deposits, tax reporting, corporate actions monthly subscriptions and redemptions.
By using the API at api.bricknode.com Untie was able to integrate the preference share offering directly into its financial portal to let investors view their investments and track their returns.
Bricknode also helped Untie create a streamlined onboarding process where investors could submit their KYC data and where address information was automatically looked up using SPAR and AML checks automatically being conducted through an integration with Trapets InstantWatch KYC.
Much in the same manner as Bricknode helped Untie with a new share issue described in the following video:
Management of product lifecycle
The product lifecycle was fully managed using Bricknode Broker with a few add-ons from the Bricknode Marketplace like Corporate Actions, BankID, Instrument Management Stocks, Autogiro, Tax Management, Tax Reporting and a new add-on was developed to export data from Bricknode Broker into Nordiska Värdepappersregistret to update the register of shareholders to reflect new investors and their purchases and redemptions.
Back office administration
Finally Bricknode could even offer full back office administration to Untie through Brokerage as a Service where Bricknode staff takes care of all administrative tasks.
The whole project was completed from start to finish during 1 single week, including API integration by Untie, which is a great example of how the power of Bricknode Financial Systems can be used to launch completely new products and processes together with extremely short time to market periods.
More Bricknode Blog posts
How to get started with Bricknode for stock brokerage in 1 hour - March 16, 2021
Revisiting the metaphor of the operating system for finance - February 27, 2021
Currency exchange in relationship to trading in different instruments - February 24, 2021
Complete financial management of financial advisors - February 23, 2021
The great new feature called KycDate - February 16, 2020
Customize Bricknode Financial Systems and make it your own - December 5, 2019
The future of IT at financial institutions - March 13, 2019
What is a bond and how does it work? - October 21, 2018