CaixaBank, one of Europe’s largest financial institutions, has chosen Flanks, a Barcelona-based WealthTech firm, to provide the data infrastructure underpinning its new multi-custodian aggregation service, GlobalView, for private banking clients.
GlobalView allows CaixaBank’s private banking clients who hold assets across several financial institutions to bring all their financial positions together within a single, unified framework. Flanks supplies the automated connectivity, daily data collection and standardisation capabilities that enable this, drawing on links to financial institutions across 33 countries to extract, normalise and enrich custodian position data into a format ready for CaixaBank to use.
The aggregated data feeds into CaixaBank Wealth Management’s GPS platform, which runs on BlackRock’s Aladdin Wealth™ technology. This gives wealth managers access to portfolio analytics tools covering risk scenario simulation, asset class breakdowns and investment exposure analysis across holdings both inside and outside the bank.
The service will initially be made available to CaixaBank’s Global Wealth clients, those holding independent advisory contracts with assets exceeding €4m, before being rolled out progressively across the wider private banking division. Once clients grant consent, GlobalView automatically establishes connections with their chosen financial institutions, removing the need for manual data entry or password management.
CaixaBank Wealth Management director Belén Martín said, “This service represents a milestone in the banking sector, as it allows our clients to take ownership of the information held by the financial institutions they work with. In a market where high-net-worth individuals tend to diversify their investments across multiple entities, CaixaBank is proud to count on Flanks to offer a solution that brings complete visibility to their total wealth picture — consolidated, current, and entirely under their control.”
Flanks CEO and co-founder Joaquim de la Cruz said, “CaixaBank’s ambition for GlobalView demanded a data foundation that is complete, clean, and updated daily, without manual intervention. Flanks was built precisely for this: automated aggregation that connects to any financial institution, normalises positions across asset classes and custodians, and delivers the data quality that institutions of CaixaBank’s calibre need. When the data infrastructure is the right one, wealth managers can spend more time focusing entirely on what they do best – advising clients.”
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