Orient Capital collaborated with fellow Link Group subsidiaries AAS and Link Super to meet the 28 October due date for Australian Prudential Regulation Authority (APRA) reporting, in line with SuperStream measures to automate the industry.
Orient Capital chief operating officer Paul Gardiner said the miraqle platform allows Orient Capital to load and validate large amounts of complex accounting, investment and trustee information and lodge it through APRA’s electronic reporting portal.
“What we have achieved using a complete electronic end-to-end solution for APRA reporting has not been achieved by any other superannuation administrator as far as we are aware,” said Mr Gardiner.
Kinetic Super chief executive Megan Bolton said the provision of the miraqle APRA reporting product developed by Orient Capital was a major factor for the fund in meeting its APRA reporting requirements under new reporting standards.
“The co-ordinated import of data from the fund custodian and administrator into miraqle and the workflow built into the product enabled progress to be monitored at every stage and the process to be completed on schedule, while the audit and traceability functionally built into miracle provide the confidence that we are meeting APRA expectations in that area,” said Ms Bolton.
According to Orient Capital the increased information requirements and shorter reporting timeframes imposed by APRA make manually processing data for APRA reporting an unsustainable solution.
Mr Gardiner said the group would continue to adapt its electronic reporting solution to meet future obligations.
“We’ve worked very closely with the senior technical staff at APRA throughout this journey, with a significant amount of end-to-end testing undertaken to ensure the best possible outcome for our clients,” he said.
