Procentia to launch ISPs to assist connection to pensions dashboards

Procentia has launched Smart ISP, a solution for large pension schemes, master trusts, insurance companies or third-party administrators to support their connection to pensions dashboards.

It also launched Smart ISP+ to help its existing clients using the company’s IntelliPen pension administration software to connect.

Procentia said it aims for its solutions to differentiate themselves by running calculations ‘on the fly’ via a “dynamic” API and unique configuration of IntelliPen, which it claimed would enable more accurate representations of the projected retirement income of a scheme member to be shared.

Procentia is preparing to participate in the delayed beta testing phase of pension dashboards, which was originally timetabled to begin in May but is now set to start in September 2022.

Additional costs are expected for using Procentia’s ISP solutions due to the new software and infrastructure that must be developed and maintained, with fees “likely” to be based on a per-member basis.

However, confirmation will be delayed until the final technical details are published by the Pensions Dashboards Programme.

Procentia CEO, Steve Donkin, commented: “The framework for Procentia’s Smart ISP+ solution truly links seamlessly through a dynamic API directly into our world-class IntelliPen pensions software, thereby increasing performance efficiencies, removing barriers to automation and eliminating the need to continually run batch processes.

“Several of Procentia’s clients are set to become early adopters by joining us in the beta phase.

“Thanks to our diverse client representation in these areas, including master trusts and large defined benefit pension schemes, our ISP solution will be tried and tested, and our partnerships will mean all our clients can onboard with confidence in the future.”

Once the approved API specifications are published, Procentia’s team will complete development and testing of its Smart ISP solutions.

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