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Finance group sees value in software upgrade

FINANCIAL services group IOOF Aust-ralia Trustees Limited has purchased a package of software systems from Perth-based financial software developer All Solutions.

IOOF took on All Solutions’ TAPS Release 5.0 and Trust 1.0 as part of its information technology upgrading.

All Solutions CEO Murray Westphal said the company was now a major supplier of advanced financial systems software to the custody, trustee, unit trust and master trust market.

“We have more than twenty-five major corporate users in Australia, New Zealand, Singapore, Hong Kong, South Africa and Jersey in the Channel Islands,” Mr Westphal said.

TAPS – Total Investment, Accounting and Portfolio Management – is now in its third generation.

IOOF financial controller Michael Critchley said the software was being implemented in the company’s estate administration, portfolio management and corporate trust areas to replace an obsolete mainframe-operated system that had been developed in-house many years ago.

Mr Critchley said Trust 1.0 would be used primarily for the management of common funds. He said a main strength of TAPS was the use of an Oracle database on a Unix platform.

“With the recent addition of the Actuate reporting tool, the total package should have the flexibility to deliver client-centric information,” he said.

“TAPS will help our business grow into ease-of-use, screen-based reporting.”

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