Sydney, 29 November 2012 – Bravura Solutions Limited (Bravura) is pleased to announce that Babel, its SuperStream financial messaging solution is now available in Australia. Babel offers SuperStream messaging compliance and file translation services for funds and fund administrators.
Part of the Australian government’s Stronger Super initiative, SuperStream is intended to streamline Australia’s superannuation system and define how superannuation funds must communicate when processing rollovers and employer contributions from 1 July 2013. The implication of these changes is significant as it impacts the nature of communication between funds, funds and employers and a funds own internal operations.
Darren Stevens, Director of Strategy for Bravura Solutions said: “The new SuperStream legislation and regulations make it mandatory for funds to send and receive information electronically using pre-defined file and messaging standards. This is a big change for many funds and administrators that today, process rollovers and contributions using paper based systems and forms.
“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 is forcing funds to completely change how they operate – and this is where Babel can help. It manages all inbound and outbound communications – what we have come to call the eConversation, for SuperStream and Standard Business Reporting (SBR) messaging,” said Stevens
Babel can provide a fund with message and file compliance that will be maintained to support regular changes in superannuation legislation. Connecting to all of Bravura’s superannuation administration and contributions systems, Babel can also be configured to integrate with any third party administration solution or workflow system to support complex client environments.
A flexible financial messaging system, Babel supports a wide range of integration models including files, native APIs, web services and message queues. It is a Java/Oracle solution that can be deployed locally or installed as a hosted version if required.
Bravura’s Director of Strategy, Darren Stevens was quoted in this press release. To ask Darren a question regarding the release or to discuss it in more detail, email [email protected]