Industry leading superannuation and investment software provider Financial Synergy today announced the imminent release of an updated version of its Acurity administration platform. The release accommodates Stronger Super legislative changes such as MySuper, SuperStream, and ATO integration for unclaimed super money and lost member reporting.
This release is the outcome of an intensive period of consultation and development for Financial Synergy. The provider has worked closely with its client base of more than thirty funds across the country to finalise solution designs and help ready their clients for the Government's upcoming changes.
CEO Stephen Mackley said "Financial Synergy has a proven track record when it comes to delivering legislative changes in Acurity. But importantly, 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."
Shane Collister, TelstraSuper's General Manager of Technology Solutions, kept an eye on progress of the solution during its development. "Financial Synergy has always been great in consulting on our requirements for legislative change, and getting us the new software version in enough time to allow us to devise and test our new business processes," he said. "They have delivered on this again for the MySuper and SuperStream requirements, continually providing updates and insight to progress during the development of this important release."
The raft of changes for Stronger Super has been significant for all sectors of the superannuation industry, but particularly so for software providers and the operational arms of funds who need to ensure back office systems and processes can deliver front line outcomes. The volume and scale of change is widely regarded as amongst the most intensive modifications the industry has faced.
Recognising the impost on funds, Financial Synergy has announced it will finance development costs entirely from normal ongoing licensing revenue.
Mackley noted, "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. However, Financial Synergy will be providing our solution for Acuririty clients at no additional development cost."
"There is so much for funds to absorb and action around these changes across all areas of their businesses. So, despite the complexity and scale of the enhancements, we are proud not just to provide our solution on time, but to deliver the flexible functionality clients require within the platform as part of the existing support agreements we hold with each fund.
"We believe this again demonstrates the strength, benefits and value for money the Acurity platform provides our clients."