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Bankhall seeks to grow in deal with Exchange

Bankhall and The Exchange have signed a partnership deal that will see the latter&#39s Exweb portal white-labelled as IFAengine for Bankhall members while Exchange users will be targeted with Bankhall services.

IFAengine users will get Exweb&#39s comparative quotation and electronic new business services as the portal moves towards electronic commission and compliance systems. Bankhall members will also be offered The Exchange&#39s Officeweb back-office system.

Bankhall parent Skandia has pushed the deal forward as the IFA services provider shapes its strategy for rolling out technology offerings for multi-tie distribution.

The other side of the deal will see a New Year marketing drive aimed at The Exchange&#39s 4,500 directly-regulated members that Bankhall believes could swell its 6,000 RIs by 2,500 within 18 months.

Bankhall will offer Exchange users compliance, commission and business development packages that could see better commission rates for business conducted online.

Skandia IT director Tim Mann says: “After buying Bankhall, we thought it best to buy in a comparative quote service to progress the portal in areas IFAs wanted such as e-commission, e-compliance and aggregation.”

Bankhall commercial director Stuart Pender says: “We are hoping to sign up more than 50 per cent of the 4,500 directly-regulated users of The Exchange.”

Financial Technology Research Centre director Ian McKenna says: “We need to see a third solution as an alternative to the two technology companies, Misys and The Exchange&#39s parent Marlborough Stirling, that are emerging in the market.”

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