New Avaloq go-live for BT Financial Group
Australia-based BT Financial Group, a wealth management subsidiary of Westpac, has added new functionality to its core banking platform, supplied by Avaloq.
This is the retail superannuation administration functionality within BT Panorama, an integrated wealth management platform for self-managed super funds (SMSFs) and investments.
BT Panorama was launched in 2014 and has since acquired 3,442 SMSFs and 3,035 registered advisors.
“BT Financial Group had previously relied upon multiple legacy systems to undertake administration functions and as such, this new functionality will allow migration to a more efficient and cost effective single platform,” according to Avaloq.
Peter Scott, GM, Avaloq Asia Pacific, hopes the project “will also open potential opportunities for Avaloq in other superannuation pension markets such as the UK and the Netherlands”.
Avaloq has two customers in Australia for its flagship core banking system, Avaloq Banking Suite: BT Financial Group and Crestone (a wealth management business created out of UBS Wealth Management Australia).
The vendor has been working with BT Financial Group since 2012.