IWL flips data system to Coin

IWL will begin the first stage of its planned co-operation with Coin by handing over its Visiplan data system – Visi Trusted Network – to its rival front-end software firm

“We will drop Visi from that [name], It will become the Trusted Network and Coin will adopt that same methodology,” Otto Buttula, IWL chief executive officer, said. Buttula said there was no financial arrangement involved in the sharing of the data. “The one thing we all want is an industry standard,” Buttula said. When the co-operative arrangement with Coin was first announced in March this year Buttula said; “We are pleased to be able to work with Coin in continuing to revolutionise the financial advisory industry in the interests of promoting efficiency for financial planners and their end clients. This association with Coin, while rather unusual, ensures that best practice standards will now be adopted more widely.” Both Coin and IWL said they were willing to share the same data with other software providers although none have yet taken them up on the offer. The deal is also intended to head off hub providers, such as InvestmentLink, who VisiPlan executive general manager, Phil Thomas, described as “unnecessary middlemen” in a statement released in March. Also, in the wake of IWL’s acquisition of risk insurance analysis software firm Boss last month, Macquarie-owned Coin announced the launch of its risk model Coin Inc yesterday. Coin began working on its in-house insurance package last October, with a view to releasing it before June this year, but is also understood to have been interested in Boss