Australian technology leaders, IRESS and Lucsan, today announced a partnership that will accelerate the application of RegTech in the financial services landscape.
IRESS is making an equity investment in Lucsan: an established, Australian-owned RegTech and data analytics company providing leading technology solutions to a wide range of companies, including Australia’s major banks.
Lucsan’s vision is to help financial institutions proactively reduce the ongoing cost of compliance and implement improved practices with its RegTech solutions. The minority equity position will support Lucsan’s own growth strategy as it focuses on expanding its business in Australia and more broadly into international markets.
Equity investments by IRESS
IRESS was founded in Melbourne in 1993 and is now one of Australia’s largest providers and exporters of technology for the financial services industry. The investment in Lucsan is IRESS’ first minority equity investment and for disclosure purposes is non-material. IRESS Chief Executive, Andrew Walsh, said IRESS would consider equity investments of this nature where there was an opportunity for IRESS to form strategically-aligned partnerships in areas related to IRESS’ core business focus.
Mr Walsh said such investments expanded the range of companies IRESS could invest in, in addition to its focus on both organic and inorganic growth.
“We will consider opportunities under a strict criteria that ensures any investments align to our strategy. This includes integrations and partnerships with specialist providers.”
Partnership with Lucsan
Mr Walsh said Lucsan’s strong track record and strategic RegTech and data analytics focus made it an ideal company to invest in and partner with.
“Financial services is subject to increasing supervision and compliance obligations, including in IRESS’ key areas such as trading, financial advice, superannuation, and lending. To meet these obligations effectively and efficiently, sophisticated and integrated software is required to control and limit events proactively.
“It’s important to combine large, different and complex data sets that help to monitor activity and meet reporting needs. Lucsan has a strong track record in risk and data analytics within financial services and is well poised to build on its current market position with its existing and additional RegTech solutions.”
IRESS’ broad range of product solutions, including IOS, XPLAN and Acurity, will provide opportunities for IRESS and Lucsan to seamlessly deliver RegTech solutions to clients.
Lucsan’s Group Executive Chairman, Harold Lucero, said, “In addition to IRESS’ equity investment, IRESS’ own experience as a successful growth company and exporter will be of great value to Lucsan.
“Our strong track record and partnership with IRESS provides us with a solid platform for continued growth and an increased focus on leading edge RegTech innovations. This partnership is an important development for the industry. It’s a real-world example of the power of collaborative partnerships and the value that this can deliver to the market.
“As levels of regulation rise and global focus on data and reporting increases, the ability to harness the technology offerings of this partnership will elevate the abilities of enterprises to transform their ongoing regulatory compliance practices.”
+61 (0) 435 684 543
Leading Papua New Guinea (PNG) financial institution Kina has expanded its implementation of IRESS’ Acurity Online, a new member and employer online facility, for more than 700,000 members.
Statewide Super and IRESS have partnered to complete the implementation of its Acurity superannuation administration platform which has seen a large number of members access their super information online.
IRESS today announced that it has launched an ebMS messaging service that provides superannuation funds with a verified integration pathway to send non-financial data directly to the Australian Tax Office (ATO).
IRESS Limited announced statutory net profit for the 12 months to 31 December 2017 of $59.8 million, up 1% over the prior year.
IRESS XPLAN now integrates with SuiteBox. Advisers who use XPLAN can meet and transact with clients virtually through leading digital workspace SuiteBox.
IRESS has today announced it is enhancing its training offer to include CPD point accreditation, as well as a new program of structured learning pathways.
New benefits for advisers using XPLAN’s Financial Knowledge Centre have been added in the latest version of XPLAN, including the ability to initiate distribution of content directly from XPLAN and an audit trail for fee disclosure statements.
IRESS’ Acurity has expanded superannuation funds’ ability to provide members with a comprehensive and personalised online superannuation experience, improving self-service and efficiency for members, and providing scale and reduced cost for funds.
IRESS today announced that ASX-listed wealth management, financial advice and insurance group, ClearView, has selected XPLAN Prime as its objectives-based, scaled-advice solution.
IRESS will release a next generation online advice offering for XPLAN clients from early 2018 to enable financial advisers to further engage with clients during the advice process. .
IRESS has launched XPLAN iAssist to further strengthen support available to XPLAN users.
IRESS and the National Stock Exchange of Australia (NSX) today announced that clients of IRESS will be able to trade securities listed on the NSX through IRESS.