MMC, New Zealand’s leading provider of investment administration services to over 100 investment managers, product providers and investment professionals, today announce that BNZ have gone live with MMC’s registry services to support their default KiwiSaver scheme.
MMC have a long-standing relationship with BNZ, dating back to 2008. They 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 are excited to extend our partnership with BNZ and welcome them as a default KiwiSaver provider to further leverage our registry services. 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”, comments Vedran Babic, CEO at MMC.
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.
At the end of last year, MMC announced the creation of a dedicated Transformation Management Office (TMO), led by Chris Watson. Transitioning BNZ onto MMC’s registry services for KiwiSaver was an important milestone in marking the success of MMC’s new organisational structure. “We have the scale to transition existing as well as new clients without impacting business as usual”, explains Watson.
The project was split into a number of workstreams, each one with an assigned owner from MMC and BNZ. A close collaboration was key to manage the quick roll-out. This was further cemented as Auckland went into a Level-4 lockdown just ahead of the project approaching the critical go-live date.
BNZ was the first KiwiSaver default provider for MMC’s registry services. As such, data models were revised. Watson continues: “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.
Overall, the project took around six months to deliver. Quality was a priority over time, however, the project was still delivered by the end of August in accordance to set expectations and despite lockdown challenges.
“The teams at MMC and BNZ worked very well together, with open lines of communication. Resources from both parties came together in our dedicated project room for UAT testing and other critical meetings. This transparent approach built trust, and we also had a lot of fun along the way”, concludes Watson.
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.
For further information, please contact:
Christina Bendall, Chief Marketing Officer
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