Iress at the moment introduced that it has finalised a grasp companies settlement with Commonwealth Superannuation Company (CSC) to undertake Iress software program, Acurity, for the administration of its outlined profit scheme members. CSC chosen Iress as a key expertise companion to enhance member outcomes, scale back administration complexity and drive down the price to serve by means of a digital-first method.
CSC has a 100-year historical past of offering superannuation companies to present and former Australian Authorities workers and the Australian Defence Pressure. It manages roughly $58bn for members throughout 11 completely different fund preparations, together with each outlined profit and outlined contribution.
Iress offers a spread of administration, registry and member engagement companies to greater than 50 Australian tremendous funds, in addition to SuperStream messaging and clearing home companies.
CSC has launched into a multi-year transformation program to uplift their member superannuation expertise. As part of this, CSC chosen Iress on an preliminary five-year contract to offer Acurity software program for his or her outlined profit schemes for greater than 500,000 clients to ship the consolidation of legacy and disparate programs, migrate all merchandise on a single registry, for price efficiencies and to boost entry to information.
The migration of members to Iress’ unified registry and working mannequin can be managed in phases over a 3 yr interval with the primary anticipated to be accomplished by July 2023. The monetary impression of this new contract doesn’t impression 2022 steerage.
Iress Chief Govt Officer, Andrew Walsh, stated, “We’re happy to be chosen by CSC to assist its imaginative and prescient of lowering price, minimising danger and eliminating the necessity for guide and paper-based workflows in favour of technology-driven straight-through processing. This announcement highlights the numerous demand to undertake a goal working mannequin underpinned by digitisation and automation; no matter fund measurement or complexity.”
Damian Hill, Chief Govt Officer of Commonwealth Superannuation Company added, “We’re dedicated to placing clients first, and that is one other vital step in a big transformation program geared toward bettering member outcomes and operational effectivity. We chosen Iress on account of its deep business and expertise experience, in addition to the energy and skill of its software program capabilities to ship on our objectives.”
About Iress Acurity Registry
Acurity is open-architecture, registry software program which helps a variety of funding choices, insurance coverage designs, payment buildings by means of:
- Straight-through processing and exception-based processing: Saves time and allows funds to unencumber individuals to focus on member service
- Constructed-in legislative and compliance updates: Reduces danger and related prices by means of the availability of tons of of legislative and compliance updates
- Versatile and configurable: Helps a variety of product sorts together with outlined profit, accumulation, pension and hybrid merchandise, in addition to a spread of funding necessities reminiscent of direct equities, time period deposits and managed funds.
- On-line entry: Accessible 24/7 by way of net browser.
