Amrit Satpathy
Ecosystem Manager
Canadian investment aggregation platform Wealthica has joined the NayaOne Tech Marketplace. With a network of over 150 financial institutions, Wealthica offers Canada’s largest banking, brokerage, and investment aggregator. Wealthica is known for its investment tracker with over 50,000 users and $33 billion in aggregated assets.
Wealthica addresses common issues that affect consumers and financial institutions, such as:
- Asset Transfers Between Financial Institutions: Transferring registered accounts, RRSPs, and TFSAs between financial institutions requires clients to manually fill out forms. This often causes clients to abandon the process, resulting in lost assets under management (AUM) and poor client experience. Wealthica’s bank API can be used to retrieve client’s account numbers, positions, balances, securities, and other relevant details, facilitating asset transfers and improving customer experience.
- Incomplete Client Portfolios: Financial advisors rely on having a complete understanding of their clients’ assets, liabilities, income, expenses, and overall financial goals to provide appropriate advice. Held-away accounts create gaps in this understanding, leading to an incomplete financial picture. Wealthica’s wealth and bank API provides comprehensive financial institution connectivity. With it, organisations can gain access to a vast network of over 150 Canadian financial institutions and brokerages, gaining a 360-degree view of client portfolios.
Benefits of Wealthica’s Solutions
With the Wealthica API, institutions have to simply ask their users to log into their bank accounts. The Wealthica API will then retrieve all the key information, such as account numbers, holdings, and more. In addition, the company’s clients can enjoy:
- Up-to-Date Data: The API leverages regularly updated data from multiple sources to ensure accuracy and timeliness in portfolio management and financial planning.
- Security and Compliance: Wealthica’s API is secure and compliant with industry standards. Wealthica, which is SOC 2 Type II certified, prioritises data security and regulatory compliance. The bank API has robust security measures in place to protect sensitive financial information.
- Customisation Options: Wealthica is flexible and scalable. Its financial API can be customised to meet the unique needs of fintechs, consumer apps, or portfolio management systems.
Connecting to over 150 Canadian FIs, Wealthica’s technology can greatly improve the way customers interact with their favourite bank. Its solution is integrated into the Wealthsimple app, allowing users to effortlessly transfer registered accounts without having to manually fill out forms or upload documents. In addition, Canadian FIs that the Wealthica API connects to include notable names such as Questrade, Wealthsimple, RBC, BMO, TD, NBC, Desjardins, EQ Bank, Scotia, Tangerine, and Qtrade, providing access to a wide range of financial information.
Partnering with NayaOne will help Wealthica make its technology accessible to banks as well as build the trust necessary to accelerate digital transformation and move projects forward. Moreover, with NayaOne’s extensive network, Wealthica will have access to an even greater number of Canadian financial institutions, expanding its own network and enhancing the quality of its offerings.
NayaOne is building a strong reputation as one of the most trustworthy platforms for banks to benefit from fintech's technology. The confidence shown by NayaOne to introduce Wealthica on their marketplace shows the potential of the Wealthica technology to streamline several areas of the financial journey, starting with the transfer process and a 360-degree view of held away assets.
Jeff Matte
Managing Director, Wealthica B2B Solutions
We’re excited to see Wealthica as a part of NayaOne’s network of fintechs and financial institutions. With this addition, the financial and fintech sectors will be able to enjoy improved information transfer, resulting in greater quality services and improved user satisfaction.
Oli Platt
Product and Marketplace Manager, NayaOne
Wealthica provides innovative financial applications and services that empower consumers to make better financial decisions and take greater control of their financial lives. Today, Wealthica is Canada’s largest wealth tracker with $33 billion in aggregated assets and 50,000 users. Founded in 2015, the company is SOC 2 Type 2 compliant and provides the largest Canadian wealth API for aggregation.
