NZ's TEL goes live with Sonata from Bravura
10 March 2015 | 1692 views | 0
Trustees Executors Limited (TEL) – the largest provider of third party administration for financial services in New Zealand and leaders in the provision of Trustee, Custodial, Investment Accounting, Unit Pricing and Registry services – is pleased to announce that it has gone live with Sonata, and is the first company to implement Sonata for KiwiSaver.
Bravura Solutions Pty Limited (Bravura) is providing the Sonata next generation wealth management platform to TEL as a Managed Application Service. This arrangement enables TEL to focus its resources on managing and building a business, while Bravura manages the IT arrangements. Software is run on optimal hardware, and technicians with deep expertise in the management of Bravura’s solutions ensure continuous smooth performance, in line with service level agreements.
Executive Director at TEL, Rob Russell, said: “TEL selected Sonata after an extensive evaluation process. Key factors in our decision included Sonata’s fully integrated workflow, Bravura’s clear migration plan, proven knowledge of New Zealand PIE tax requirements and the broad range of services Sonata will enable us to offer clients.
“We are excited to have a new platform in production that will allow us to be more responsive to client needs.”
A Bravura client for more than 16 years, TEL signed a contract just over 12 months ago to migrate from Talisman, one of Bravura’s wealth management platforms, to Sonata, Bravura’s modern wealth management offering. Sonata provides investors, advisors and administrators with efficient processes, deep functionality, 24/7 web access and flexible reporting. Sonata will enable TEL to deliver a superior service to existing clients while also positioning the business for growth.
APAC Chief Operating Officer at Bravura, Jason Tong, said: “We are delighted with the successful go-live of Sonata at TEL, which was implemented in just over a year. The unparalleled depth and experience of TELs third party registry management team, combined with Bravura’s technical and functional expertise, have ensured an exceptionally smooth delivery on this project”.
“With the introduction of Sonata, TEL will be able to offer clients a broad range of enhanced services such as real-time data updates and the ability for fund managers to track and participate in workflows. Going forward the range of services will continue to expand as TEL takes up new Sonata features driven by global client adoption.”
Sonata provides rich, proven wealth management functionality, developed and delivered in modern technology with open interfaces. It is an integrated platform that supports superannuation, pensions, KiwiSaver & PIE, life insurance, trust and wrap products. The platform includes web services and workflow and enables real-time, straight through processing.
Bravura Solutions provides a range of deployment models for Sonata, including software delivered as a fully managed service. TEL is Bravura’s second client to adopt Sonata as a Managed Service in New Zealand.