Consumers can now choose their pension, savings and investments from a variety of sources. The providers need to communicate with one another and it is important that there are standards and governance covering both the movement of data and the automation of processes.
Criterion is responsible for developing these standards and governance services. Standards underpin sustainable collaboration between organisations in the financial services industry. They make it easier for product providers, platforms, portals and advisers to work with one another.
Criterion was formed for the industry in July 2017, as an independent, not-for-profit industry body for Standards and Governance. It was originally part of Origo Services Ltd and has been publishing standards for almost 25 years.
The standards are developed and maintained in collaboration with industry stakeholders. This is achieved through working groups, delivered using a structured and consistent approach that supports their full lifecycle.
Build once, use often.
Improved outcomes for customers through a wider choice of new, better, faster, cheaper, more dependable services.
Reduced development costs through linking between systems.
Promote efficiencies at industry scale.
Reduces costs, risks and errors.
Enables straight through processing.
Standards create an environment that fosters competition.
Criterion's board and leadership delivers broad industry representation and expertise, to drive through the collaborative work necessary to meet the needs of a rapidly evolving industry.
The Criterion Way – a toolset of skills, processes and approaches, refined and proven over nearly 30 years – helps organisations drive improved outcomes for their customers through working together better. Find out how The Criterion Way helps businesses improve their services, from opening Investment Platform accounts to speeding up pension transfers and improving annuity underwriting.