Financial services firm Perpetual Limited has just completed stage one of a major migration project which involves moving its largest legacy system onto a single Service Oriented Architecture (SOA) platform.
Stage one involved the consolidation of Perpetual's unit registry systems.
Perpetual is one of Australia's leading fund managers with almost $40 billion in funds under management.
The new architecture which is being provided by Bravura Solutions will provide a robust and scalable system that retains the functionality of its legacy systems.
Perpetual is the first client to implement Bravura's Wrap application and utilise Sonata Business Services, which is an end-to-end business solution delivering full enterprise workflow management and document imaging across the company's entire back office.
The company's chief operating officer, Eric Wang, said the system migration represents the first step in delivering on Perpetual's vision to create a single wealth management platform for its entire business.
"The new Bravura applications deliver enhanced functionality, which will introduce significant improvements across our banking, custody, funds management and compliance processes while also delivering significant savings and efficiencies to our business," Wang said.
"Importantly, our customers across several funds will be able to receive a consolidated view of their investment positions for the first time.
"The flexibility of the product suite will smooth the transition between present and future system upgrades, resulting in minimal disruption to Perpetual's operations with the introduction of new products.
"This will ultimately produce better customer service outcomes and faster market responsiveness."
Bravura's Group CEO and director of operations, Simon Woodfull, said the Sonata suite has been designed to address some of the major issues facing the financial services industry, including legislative and regulatory changes, consolidation and new product development.
"This means financial services companies, both in Australia and overseas markets, will benefit from continually evolving, market-leading technology that is scaleable, cost-effective and far easier to operate than outdated, manually-intensive systems," Woodfull said.
"We believe this transformation will deliver significant long-term benefits for Perpetual and look forward to continuing our strong relationship with one of Australia's largest financial services providers."
Bravura provides professional services and wealth management applications to more than 175 financial institutions and corporate clients. More than 18 million accounts are administered on Bravura software, with more than A$1.2 trillion in funds managed globally.