Sargon, today unveils a new full-stack administration technology solution for the superannuation and funds management industry.
Launching to superannuation clients in early 2020, Sargon’s next-generation fund administration system will seamlessly integrate super funds with key industry participants, enabling the reliable and secure movement of data and money using globally recognised standards and a fully scalable, cloud-hosted service.
Sargon’s integrated administration system aims to transform the industry’s ageing technology, replacing expensive and cumbersome systems and middlemen with a highly efficient and secure, end-to-end digital system.
In describing the strategic rationale for Sargon’s expansion into fund administration, Chief Executive Officer, Phillip Kingston, highlighted Sargon’s mission to remove inefficiencies from superannuation while helping to bring the industry into the 21st century.
“While Australia’s superannuation system is a great success story, its annual cost base is well in excess of $30 billion,” Kingston said.
“A significant portion of these costs arise from fund administration which should be straight-through automated processes supported by capable and efficient customer service and member administration staff.
“Administration in Australia is far too manual and expensive, costing multiples more than in New Zealand and elsewhere.
“Although some current systems may have the appearance of modernity, this is largely a façade patched over outdated systems and processes. Conversely, Sargon’s system is built from the ground up, unburdened by legacy issues and leveraging scalable technology enablers such as cloud computing and industry standard gateways.
Sargon Vice President of Product, Tom Merrett, added, “As Sargon continues to build-out its trustee tech stack in the funds management and operations value chain, it is now time for us to launch leading fund administration software, fully integrated with Sargon’s suite of technology solutions.”
Merrett continued, “The addition of fund administration services will continue to build out Sargon’s ‘full stack’ technology solution for our clients, from front to back, including government integrations, custody, administration, robo advice, investment, and member registry – all the way up to APIs that can transform the member experience.
“Sargon’s goal is to create large-scale efficiencies through the digitisation of the superannuation and retirement industries. The provision of highly efficient and effective fund administration services is the logical next step towards that mission.”
Sargon is currently conducting a tender for its preferred member administration services partner.