Financial services firm Perpetual Investments is in the final stages of testing a new Service Oriented Architecture (SOA) compliant application with plans to go into production this calendar year.
The ASX-listed company with a market capitalisation of some A$2.8 billion, is the first organization in Australia to roll out Sonata Business Services, which is provided by wealth management applications provider, Bravura Solutions.
It is part of a major tech revamp at Perpetual known as the Unit Registry consolidation project.
The rollout will introduce over 100 business services designed to facilitate the smooth integration of Bravura's product administration application into its customers' existing software architectures.
Sonata Business Services can be utilised individually or as a package, allowing enterprises the flexibility to select components that are most relevant.
Perpetual's chief operating officer, Eric Wang, said the application suite will deliver enhanced functionality and significant benefits across core activities such as banking, custody, funds management and compliance.
"The new application will promote better interaction with internal business systems and external business partners using widely accepted standard message protocols," he said.
"This will ultimately improve Perpetual's responsiveness and lead to better customer service outcomes.
"Also the flexibility offered by the product suite will enable Perpetual to introduce new product developments in years to come with minimal disruption to existing applications."
Bravura Group CEO and director of operations, Simon Woodfull, said Perpetual is Bravura's cornerstone client for its new SOA application.
"Legislative and regulatory changes, consolidation and new product development to cater for an aging population, are just a few of the challenges being faced by the financial services industry," Woodfull said.
Therefore, it is important to have an application that assists the business to respond to these challenges rapidly.
"Bravura's SOA solution will reduce the time and costs of adapting business architectures."
More than 18 million pension, life insurance and investment accounts are administered on Bravura software, with more than A$850 billion in funds under management.
The company has completed eight acquisitions since it was established in 2004 as part of a management/leveraged buy-out that acquired the corporate and superannuation business unit of CSC Australia.
Bravura employs more than 650 staff and has 15 offices across Australia, New Zealand, UK, Europe, Asia, South Africa and India.