BNP Paribas launches ‘stronger super’ solution 24 July 2013Sydney Reporter: Jenna Jones
Image: Shutterstock
BNP Paribas Securities Services has created a new solution to provide Australian superannuation funds with the detailed reporting and look through data needed to meet the ‘stronger super’ reporting requirements.
BNP Paribas’s solution leverages the capabilities of its proprietary reporting and analytics system, combined with the Australian Prudential Regulation Authority (APRA) reporting functionality of pControl.
PControl is an existing outsourced technology platform provided by Milestone Group and currently used by custodians for fund processing functions.
In addition to assisting in the completion of APRA reporting, the solution also provides enhanced data to enable more in-depth reporting and analytics.
Peter Baker of BNP Paribas Securities Services said: “The challenge for the industry has been in gathering managed fund information in a standardised way to make information sharing easier between counterparties, and minimise duplicate reporting for fund managers.”
“This information then has to be presented back to funds in a way that satisfies the APRA return requirements. We have a solution that meets that challenge.”
Geoff Hodge, CEO of Milestone Group, added: “Our response to the ‘stronger super’ regime has been developed over 12 months and reflects the specific needs of different market participants.”
“Early on, we recognised that pControl’s understanding of fund products and ‘look-through’ capabilities makes it ideally suited to handle the data and new reporting requirements by APRA from 1 July 2013.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 