BNP Paribas Securities Services has launched a product to help Australian superannuation funds with the production of detailed reporting and data, a requirement of new industry rules.
The challenge for the business has been to gather information in a standardised way, which then has to be presented back to funds in a fashion that satisfies the Australian Prudential Regulation Authority’s requirements.
BNP tackled this problem by using its own proprietary reporting and analytics combined with a technology platform called pControl that was developed by Milestone Group and is used by custodians for fund processing functions.
The cause that lies behind this product is an Australian government idea called ‘Stronger Super’. This plan seeks to encourage Australians to use simplified pension products and provide industry bodies with the tools that they can use to oversee the superannuation sector.