Bravura Solutions Limited (Bravura)(ASX: BVA), a leading global supplier of transfer agency, wealth management & life insurance software applications and professional services, is pleased to announce that its superannuation systems now address the upcoming SuperStream legislation, completing another piece of the compliance puzzle as superannuation funds prepare for the July 2013 implementation deadline.
Bravura’s next generation administration platform, Sonata, and its heritage superannuation administration solutions have all been enhanced to facilitate the new SuperStream legislative requirements. A compliant superannuation administration system used in conjunction with a workflow and messaging solution is essential to ensure overall preparedness and adherence to the new regime.
Jason Tong, Chief Operating Officer, Bravura Solutions said: “We are pleased to assist our clients with SuperStream readiness. Continuous regulatory updates are fundamental to our superannuation offering. We understand the operational risk that regulatory reform poses for funds, and seek to help alleviate this burden by assisting our clients in maintaining systems compliance.
“However, an enhanced administration system is only one piece of a far more complex puzzle. SuperStream is not simply a registry issue. It requires the complete overhaul of a fund’s operating environment and addressing messaging and workflow components in order to function under the new regime.”
The new SuperStream regulations will require funds to exchange information electronically in industry-standard formats (ebMS/XBRL) by 1 July 2013. A key aspect of these new regulations is the need to reduce turnaround times for processing rollovers from one month to three days. This shorter timeframe fundamentally changes how funds operate – in all cases funds will need to address the compliant exchange of information as a stand-alone issue.
Bravura’s answer to SuperStream messaging is Babel, a mature and proven solution that manages all inbound and outbound communications. Babel is a messaging solution that provides ‘out-of-the-box’ SuperStream compliance with full straight-through-processing. It is pre-integrated with Bravura’s superannuation administration and contributions systems, and integrates with third party administration and workflow systems to support complex client environments.
Bravura’s enhanced administration systems and Babel are ready for implementation now and will be progressively rolled out to clients in time for the July deadline.