BNZ have gone live with MMC’s registry services to support its default KiwiSaver scheme.
MMC chief executive Vedran Babic says the project took six months to deliver and BNZ is the first KiwiSaver default provider for MMC’s registry services.
The bank were already using MMC’s fund administration services for unit pricing and fund accounting across all their products, with wholesale registry and some specialised retail registry for the Term PIE.
“We see a general trend from existing clients wanting to extend their MMC footprint to take full advantage of our trusted services, expertise and achieve economies of scale while also reducing operational risk”, Babic says.
By offering multiple services across the BNZ KiwiSaver Scheme, MMC can seamlessly integrate both registry and unit pricing using its proprietary technology and provide a holistic view of their KiwiSaver products. The additional services to BNZ also include flexible reporting capabilities and options to leverage MMC’s new digital and insights services.
MMC head of its Transformation Management Office, Chris Watson says: “Data migration typically represents a challenge in any large transition project. As we have done a number of these transitions in the past, we rely on well-defined specifications for our data requirements and can leverage bespoke tools that we have built for translating and validating the data for a smooth transition.”
The project also delivered a dashboard solution to visually display data that can be used directly by management. This will save a considerable amount of time as the previous needs for manipulating data were removed.
In parallel to this project, MMC are progressing their efforts to deliver APIs that will provide direct links to the Inland Revenue as well as to support new KiwiSaver default provider arrangements by the end of November.