Frances Magill, Statewideâs Chief Executive Officer, said: âWe were looking for a single platform to administer our current products that would also grow to accommodate future additions. Bravura was able to meet those requirements and in so doing, upgrade us from an existing Bravura legacy system in use for the last eight years.
âWe see our relationship with Bravura as that of a key strategic partner. They are a one-stop shop for IT and wealth management solutions, we continue to consult closely with them on current and upcoming projects,â she said.
Implementation of Sonata Pensions and Sonata Investments has recently commenced at Statewide, and the development and subsequent implementation of Sonata SuperB will take place in the next financial year.
Increased functionality and Service Orientated Architecture (SOA) will promote significant benefits across core products such as superannuation, pensions, unit trusts and online services, and meet Statewideâs administrative and reporting requirements.
A foundation partner for the development of Bravuraâs Sonata SuperB, the re-architected version of the successful SuperB application, Statewide will also be the first superannuation trust recipient of the solution. It will cater for defined benefit and contribution corporate superannuation plans and provide all the functionality of SuperB, with the addition of SOA benefits.
Speaking on the agreement, Iain Dunstan, Group CEO and Managing Director, Bravura, said: âStatewide is the latest client to take up our new platform, following Perpetual who did so earlier this year. A number of other companies are also in the process of upgrading from their current legacy systems to benefit from increased operational efficiency and decreased total cost.
âThe addition of Sonata Pensions and Sonata Investments will allow them to achieve significant cost-savings and quality improvements, that would not have been possible across multiple systems,â he said.
Statewide is also an existing user of Bravuraâs ePASS solution, a comprehensive enterprise eBusiness solution that allows financial service providers to deliver online services to employers, members and advisers. Statewide has been using ePASS since 2000 and has extended its licence of the application for a further 15 years.