Melbourne, 6 March 2013: DST Bluedoor, the firm behind the market-leading web-based registry solution for wealth management, Bluedoor, today announced a breakthrough for financial institutions and fund administrators concerned with the possible high upfront costs associated with the implementation of the Australian government's SuperStream measures.
From 1 July 2013, APRA-regulated funds and retirement savings account providers will need to commence the transition to comply with the new standard for rollover transaction messages. The expected benefits of the SuperStream measures are likely to lead to significant cost reductions in back office operations with the creation of an e-commerce environment that will support straight through processing (STP) along with the adoption of common data standards.
In response to the StrongerSuper reforms, DST Bluedoor has designed a new application which provides enterprise-wide messaging infrastructure to any number of administrative platforms. Fully compliant with SuperStream data standards, Bluedoor SuperStream enables message delivery in both B2B and B2G message interactions. Mark Cassar, Executive Director, DST Bluedoor said "Bluedoor SuperStream supports the use of SBR- XBRL data standards for B2B and B2G messaging and ebMS3.0/AS4 for the orchestration of transactions between participating entities".
The Bluedoor SuperStream solution was designed to simplify the integration with third-party wealth management administration systems, including legacy, in order to simplify the transformation to external standards. Cassar added: "Whilst compliance with SuperStream requires a technology investment for funds, Bluedoor Superstream will enable institutions to minimise the impact on their existing administration systems, as it is capable of transforming data in a variety of formats."
Bluedoor SuperStream manages the routing and traffic of all messages incoming and outgoing, performing validation checks, converting data to XBRL format, data encryption and compression. Cassar further commented "The Bluedoor SuperStream Solution will be implemented for existing DST Bluedoor clients, and we are currently talking to a number of prospective clients looking for a simple solution capable of seamlessly integrating with their existing registry systems" and added ""Enriched services such as extended reporting tools, message dashboard and other web enabled services will be available post 1 July 2013, but our key focus now is to finalise our testing schedule with the upcoming ATO Pilot Validation in May".
The Bluedoor SuperStream solution will be ready to implement on 1 July 2013, to enable institutions to meet regulatory requirements and future proof the management of changes in one single location. The new application continues DST Bluedoor's investment to expand its portfolio of STP enabled solutions and capabilities, further demonstrating its ability to deliver STP technologies for the wealth management industry.
About DST Bluedoor
Bluedoor is a purpose-built next generation wealth management solution that is designed to provide transformational change in online and back office operational efficiency. Bluedoor typically replaces as many as eight or more legacy applications with a single platform that optimises the Information Technology and operational investments made by those companies adopting it. As a result of its implementation, clients have benefited from enhanced customer service, streamlined administration processes and rapid time-to-market for new and innovative products while significantly reducing cost.