New Zealand-based ASB Bank, a unit of Commonwealth Bank of Australia, has implemented Bravura Solutions’ Sonata as the core administration platform for its retail and group investments business, KiwiSaver.
The Sonata registry platform will enable ASB to deliver digital offerings in real-time to its more than 500,000 retail and employer customers.
The platform, according to the technology vendor, will also enable ASB to offer a wide array of wealth products including KiwiSaver, superannuation master trusts, retail and wholesale investment funds.
ASB is currently live on the Sonata registry platform, following migration of 800,000 accounts with a total of NZ$12bn ($7.82bn) of funds under management.
ASB Bank executive general manager of Wealth Adam Boyd said: “Sonata’s rich functionality and modern technical architecture will allow us to continue developing our digital capability and enhancing our customer experience, whilst also facilitating the continued scaling of our business.
“This is an important step in our evolution and we will continue innovating the products and services that we offer our customers.”
Bravura Solutions COO for APAC Jon Alder said: “Bravura and ASB have collaborated as a cohesive team to deliver a complex transformation project in under one year.
“We look forward to seeing ASB leverage the increased levels of transaction process automation and operational efficiencies the platform provides.”