Financial Synergy, the superannuation software provider, has updated its Acurity administration platform to accommodate Stronger Super legislative changes.
Financial Synergy’s Acurity, a central management platform for superannuation funds, offers reporting facilities and manages account transactions in real time.
Currently, it is one of the largest, covering over 2.5 million accounts, representing over $100 billion in funds under administration.
The new legislation requires super funds to implement new data and e-commerce standards for transactions – giving users more transparency and preventing excessive duplication of accounts – by July this year.
The raft of changes has been significant for software providers and the operational arms of funds since they need to ensure back-office systems and processes can deliver the simplified product for MySuper members.
The changes to the Acurity platform are the outcome of a period of consultation with the firm’s client base on how best to meet the government requirements.
“This release will give all of our Acurity users as much time as possible to test and ready themselves for what are significant changes for the industry,” chief executive Stephen Mackley said.
Recognising the associated heavy cost to funds, the software company has said the development costs will be subsidised by licensing revenue.
“While funds will be forced to invest significantly to implement these changes, many will also need to outlay large sums with their vendors for the cost of the changes to their core systems,” Mr Mackley said.
“However, Financial Synergy will be providing our solution for Acurity clients at no additional development cost.”
