A legacy administration model assumes the administration system is core to the business and the single source of truth. While this may have been true twenty years ago, today, members, employers, super funds, investment managers, insurers and regulators are part of an interconnected digital network in which the source of truth is distributed amongst the participants and can change in near real-time. The existing legacy systems and processes were never designed to interact with a secure standards-based digital network.
Contrast this with Oban’s Digital Exchange that allows information to flow securely and rapidly between the various participants. Importantly, this exchange was designed to support the concept of distributed data where key information resides with many participants across the digital network including the ATO, investment managers, banks, insurers and super funds.
Oban’s Digital Exchange securely moves information utilising its standards-based automation gateways including SuperStream, SBR2, ACORD (insurance) and ISO 20022 (banking and investment). Oban coordinates the information flow using the industry’s first and only ‘message and standards’-based administration system. This allows Oban’s administration system to form a seamless part of the larger digital network without the need to export, transform and load data. Uniquely, it does not require any manual processing intervention.
Furthermore, Oban uses this same fully automated digital message-based approach to move bulk data safely, securely and pre-reconciled; meaning that traditional big-bang, big-cost, big-risk data conversions are a thing of the past.