Today VicSuper announced the next step in its digital evolution with the successful release of its foundation administration system, Sonata, Bravura Solutions’ (Bravura’s) next-generation wealth management platform. This release positions VicSuper at the forefront of Australia’s superannuation industry with a sophisticated, in-house administration system that provides a consolidated view of member data.
This evolution was driven by a desire for increased member engagement and the need to deliver timely, relevant information across multiple channels and devices.
Over the past two years, VicSuper has progressively updated its systems and technology. VicSuper started by modernising the Fund’s public website in October 2013 and then launched a mobile member portal in January 2014. Today’s announcement recognises the successful completion of an 18 month project to update the Fund’s core administration system, as well as its secure member and employer web portals.
VicSuper recognised that any new foundation platform needed to support straight through processing, automatic reconciliation and efficient investment of contributions, as well as providing robust reporting functionality and a single-client view of member data.
“We are delighted to have partnered with Bravura to deliver this business-critical project”, Michael Dundon, Chief Executive Officer, VicSuper, said. “We chose Sonata as it not only reduces the number of systems we use, but helps optimise our business processes, so we can better service our members and reduce operating costs.’
The Sonata platform is now in production following a successful migration from two of Bravura’s heritage systems that previously stored members’ data for accumulation and retirement income products. The new Sonata modules deployed at VicSuper include the Sonata platform, Sonata Operational Data Store (ODS), Sonata Workflow, SonataWeb and SonataMobile. The implementation includes the first integration of Bravura’s Babel solution with Sonata to provide a complete, end-to-end SuperStream solution for both contributions and rollovers.
“VicSuper is now using the most contemporary, best-practice system in the industry. We see this as an important step in our digital evolution. We intend to keep innovating and to continuously enhance the products and services we offer our members’ Mr Dundon concluded.
Bravura APAC Chief Operating Officer, Jason Tong, said: “When this contract was signed in June 2013, we committed to a go-live date of 12 January 2015. The project was delivered to production on that very day. This is a significant achievement that speaks to the quality of the software, the implementation methodology, the experienced and dedicated project teams at both VicSuper and Bravura, and the strong ongoing relationship between our two organisations.
“We are extremely pleased to have VicSuper as our first Australian superannuation client live on the Sonata platform. We are confident that this investment in modern systems positions VicSuper well to drive and manage future growth,” Tong said.
Bravura’s APAC Chief Operating Officer at Bravura, Jason Tong was quoted in this press release. To ask Jason a question regarding the release or to discuss it in more detail, email [email protected]