The Avaloq group, an international fintech company and leader in integrated and comprehensive banking solutions, today announced the successful launch of its Australian Retail Superannuation Administration functionality within BT Panorama.
“The Retail Superannuation Fund Administration functionality demonstrates Avaloq’s commitment to the Australia market and creates new opportunities in the evolving application space,” said Peter Scott, General Manager Avaloq Asia Pacific.
“The go-live of our Superannuation functionality within BT is a major step in the completion of the Avaloq wealth proposition for the Australian market. This new functionality will also open potential opportunities for Avaloq in other superannuation pension markets such as the UK and the Netherlands,” he added.
The ability to meet the complex tax, regulatory and compliance requirements associated with undertaking administration in the personal superannuation segment is a major milestone in BT Financial Group’s ongoing Panorama project, which since its initial cash hub launch in 2014, has acquired 3,442 Self-Managed Super Funds (SMSFs) and 3,035 registered advisers. BT is the number one retail platform provider in Australia based on funds under administration (FUA) (Strategic Insights, September 2016).
BT Financial Group had previously relied upon multiple legacy systems to undertake administration functions and as such, this new functionality will allow migration to a more efficient and cost effective single platform.
Avaloq Regional Director Nick Frolich said, “The platform market in Australia is currently evolving at a very rapid pace as providers adapt to meet both regulatory changes and demands from both clients and their advisors. We are pleased to now be able to offer this vital wealth management functionality within the integrated Avaloq Banking Suite.”