The Avaloq group’s Banking Suite has achieved full compliance with the Australian tax system.
Testing was supported by Ernest & Young (EY) and as the next step, Australian superannuation functionality is being developed and integrated into the Suite.
Avaloq has had presence in Australia for just over a year and has established a local team of experts to help with the country specific requirements of the Australian financial market.
Ian Dunstan, regional head of Australasia at Avaloq, said: “Our product developers and local banking experts work hand in hand when developing new solutions.”
“This approach, combined with our years of international experience, ensures that country specific requirements are always fulfilled. That is why Avaloq is one of the few international financial solutions providers that have implemented the complex Australian tax regulations successfully.”
Jeroen Buwalda, partner at EY, said: “We were engaged by Avaloq to help them fully understand the significant complexity of the Australian tax system.”
“It is exciting to see a global provider like Avaloq introduce new technology to the Australian wealth and superannuation market.”
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