BT Financial Group has gone live with its retail superannuation administration functionality by partnering with international fintect company, Avaloq.
The functionality was launched within BT Panorama.
BTFG said it had previously relied on multiple legacy systems to undertake administration functions but this new functionality would allow them to migrate to a more cost effective, single platform.
The ability to meet complex tax, regulatory, and compliance requirements associated with administration in the personal super segment formed part of BTFG’s ongoing Panorama project, which has now acquired 3,442 self-managed superannuation funds and 3,035 registered advisers since its initial cash hub launch in 2014.
Avaloq Asia Pacific general manager, Peter Scott, said the partnership demonstrated Avaloq’s commitment to the Australian market.
“The go-live of our Superannuation functionality within BT is a major step in the completion of the Avaloq wealth proposition for the Australian market. This new functionality will also open potential opportunities for Avaloq in other superannuation pension markets such as the UK and the Netherlands,” he said.
Avaloq regional director, Nick Frolich said the platform providers were adapting to keep pace with regulatory changes and demand from clients and their advisers.