Sunsuper has appointed a financial services processing solutions specialist to enable its integration of CSA Retirement Services, formerly Citistreet Australia, which it bought in November and has since renamed.
The $13 billion multi-industry fund has forged an agreement with SunGard, a provider of software and processing solutions for pension funds and financial services companies, to use its Omni system for record keeping and administration, and to implement more efficient and less-costly processes into its technology platform.
Sunsuper has also changed the name of CSA Retirement Services to Precision Administration Services, which will take effect from January 31, 2009.
Omni is an integrated set of solutions from retirement fund administration, used to manage record keeping, trading and reconciliation, and the benefit disbursement processes of defined contribution and other schemes.
It was expected that Omni, through its Content Manager function, which provides workflow and reporting analytics, would help streamline and automate Sunsuper’s administrative processes.
Tony Lally, chief executive officer of Sunsuper, said the fund was making large investments in its systems.
He said the agreement with SunGard would provide “quicker enquiry response times, better web technology with a more efficient, online service”, in addition to online self-service features.
He said the expected cost savings gained from the efficiencies created by the SunGard solution would be reinvested in services for members.
“We will take every advantage of the greater efficiencies offered by the deal to expand our range of products and services for members.”