Pure Retirement is the latest firm to become a member of Criterion’s Equity Release Governance Group, joining nine other organisations that oversee the development and evolution of the Equity Release Standards for market API-based data integration.
In 2021, we took over the stewardship of API designs for Equity Release Quotes and KFIs and since then have been working with key stakeholders in the equity release market, to manage Standards for APIs that meet the needs of the market. This means that a single API build can be deployed with many trading partners, cutting out wasteful redevelopment and allowing organisations to focus on other aspects of their business.
API technology has spurred a revolution in data integration, simplifying and accelerating the seamless delivery of data for specific business processes. Innovations such as JSON and OpenAPI have streamlined the development and deployment of APIs, offering unparalleled ease. However, the most efficient and cost-effective approach remains constructing a service once and deploying it across multiple trading partners, eliminating the need for repetitive refinements tailored to each trading partner's unique requirements.
The governance group serves as an effective forum for members to engage in collaborative efforts with other industry stakeholders. Here, firms can simplify the nuts and bolts of how their market functions. By fostering a collaborative environment, market stakeholders can work together so that needless friction is minimised. This creates a more efficient and competitive marketplace, benefiting all involved parties.
Together, we work towards the continuous advancement and refinement of industry Standards. This proactive approach ensures that our APIs remain in sync with the ever-changing landscape of consumer demands and industry innovation. As a governance member, organisations can actively shape industry standards, collaborate with industry peers, and stay ahead of market dynamics. This not only saves time but also resources, allowing firms to focus on what differentiates them.
Chris Buchanan, Head of Product at Pure Retirement says:
Pure Retirement continues to be a leading innovator, delivering new products and features to market, and committed to the rapid delivery of the most competitive prices that can be achieved at the time, using personalised pricing models. The use of standardised APIs is essential to seamlessly deliver products, the very latest prices, and quotes to advisers. We already have an extensive range of APIs in place, with all major sourcing platforms, but look forward to working with other equity release lenders, sourcing platforms and technology providers to develop wider industry standards.
Billy Burnside, Managing Director at Criterion commenting:
We are pleased to welcome Pure Retirement to Criterion’s Equity Release Governance Group, and applaud them for committing to overseeing and shaping the Standards, alongside other governance group members, for the benefit of the whole industry. Criterion has been delivering Standards through collaboration for over 30 years and is therefore, uniquely positioned to support and manage the collective interests of the industry. Our governance process brings together communities that rely on our Standards to identify emerging change and development needs, establish what they mean for API integration, agree timelines for delivery, and achieve adoption.
If you would like to find out how to get involved in the future of these Standards, please email [email protected].
