Bravura Solutions has signed an existing government superannuation client to a five-year agreement to use its Babel software as part of its SuperStream messaging compliance requirements.
Bravura head of strategic accounts John Burke says the client is one of the first funds in the country to comply with the SuperStream regulations, which come in force from 1 July 2013. The regulations will require superannuation funds to be able to exchange information electronically using the new ebMS/XBRL industry-standard formats.
Burke claims the Babel system is the only SuperStream messaging solution currently available that provides “day-one compliance”. It has full straight-through-processing that can also be used for business-to-business and business-to-government reporting through to parties such as the ATO, investment managers and custodians.
News of the deal follows warnings from Bravura that some superannuation funds may not have complied with the first benchmarks required for implementing SuperStream changes.
Two weeks ago Burke warned that a number of super fund trustees had not yet organised a rollover gateway – and without it superannuation funds would not be able to use the ATO’s fund validation services which would be available to SuperStream participants from 1 July.
