Financial Synergy continues to lead the innovation stakes for superannuation and wealth management organisations with the launch of the industry’s first software-as-a-service offering.
Financial Synergy will integrate its Acurity platform including OpenText™ solutions on a subscription basis for its new Managed Services division anchor client, Statewide Super.
For Statewide Super, the move to a software-as-a-service model for member administration, online access, reporting and compliance is a strategic move, which will see the industry fund focusing its attention on fund administration and optimising the member experience, rather than concentrating on internal software development and maintenance.
Richard Nunn, CEO of Statewide Super commented, “Our core focus has always been our members and this is a great opportunity to take advantage of delivering one the most competitive super fund administration platforms available in the market today.
“Financial Synergy has led the market with the introduction of online, mobile app offerings and really understands what super fund members want for now and into the future. Our greatly enhanced platform capabilities will allow us to provide the highest level of customer service and product offerings possible and we are delighted to be able to do that.”
For the CEO of Financial Synergy, Stephen Mackley, the launch of the new managed services division and the deal with Statewide represents a turning point for the industry. “The market has been drifting to this platform as a service model and subscription pricing for some time. No longer do trustees and funds have the same appetite to ‘purchase’ a platform with significant upfront costs and separate maintenance agreements. Our goal is to be the early adopter of this model and actively promote this option to industry moving forward,” he said.
Note to the editor:
Financial Synergy was acquired by Iress in 2016.
For further details, please contact:
Kelly Fisk
