The services leverages the capabilities of its reporting systems and combines it with APRA’s fund processing pControl functionality, allowing managed fund information to be gathered in a standard form.
pControl is a technology platform provided by Milestone Group and is currently used by the custodian for a range of fund processing functions.
“The challenge for the industry has been in gathering managed fund information in a standardised way to make information sharing easier between counterparties, and to minimise duplicate reporting for fund managers,” BNP Paribas’ Peter Baker said.
“This information then has to be presented back to funds in a way that satisfies the Australian Prudential Regulation Authority’s (APRA) return requirements.”
In addition to assisting in APRA reporting, the new service provides enhanced data which BNP Paribas said will allow for more in-depth analytics and a greater ability to stress test a fund.
“Our response to the Stronger Super regime has been developed over 12 months and reflects the specific needs of different market participants,” Milestone Group chief executive Geoff Hodge said.
“Early on, we recognised that pControl’s understanding of fund products and ‘look-through’ capabilities makes it ideally suited to handle the data and new reporting requirements by APRA from 1 July 2013.
“The selection of pControl gives BNP Paribas a leading technology solution with no IT build combined with a rapid, low-risk implementation, with prompt data delivery.”
