TechnologyOne launches Financial Services industry-first software

TechnologyOne (ASX: TNE), in partnership with Police and Nurses Credit Society , will launch industry-first software for the financial services market at the Abacus (Australian Mutuals) Convention on Wednesday 26 October.

The two companies joined forces in 2011 to develop the preconfigured solution, OneBanking, which helps financial institutions meet all operational challenges including regulatory and branch reporting, financial accuracy and cost transparency, people and asset management and stakeholder engagement.

OneBanking offers a full spectrum of integrated solutions including TechnologyOne's financials, supply chain, project costing and enterprise budgeting.

Two other customers, SGE Credit Union and Beirut Hellenic Bank, have also recently signed up for the software.

Police & Nurses Chief Financial Officer Dave Spearman said over six months, Police & Nurses had implemented new TechnologyOne systems to replace its existing Emphasys software and as part of the implementation, worked with the Australian enterprise software company to form the template for OneBanking.

"It was an easy decision to make because TechnologyOne has a proven track record in financial services institutions with over 70 customers in this sector and has tailored its software to meet the needs of our heavily regulated industry," Mr Spearman said.

"TechnologyOne's responsiveness, high quality products and outstanding level of service gave us every confidence to improve our technology systems.

"OneBanking includes templates that make our reporting quick and easy, which is a major advantage," Mr Spearman said.

"We are obligated to report not only to government agencies such as Australian Prudential Regulatory Authority (APRA), Australian Securities and Investment Commission (ASIC) and the Reserve Bank of Australia, but also to internal stakeholders such as senior management and the board.

"It is essential to have timely and accurate information in a useable and easy to understand format that gives all stakeholders the confidence the business is doing well.

"TechnologyOne's solution provides this and has reduced the time it takes to produce reports from days to hours. The automation of many of our activities will assist us in doing what we do best - managing financials for our members."

TechnologyOne Executive Chairman, Adrian Di Marco, said OneBanking was the only out-of-the-box solution on the market, which automated compliance reports for the financial services industry.

"Developing OneBanking has been an exciting opportunity to work with the credit union and wider financial services industry to produce software that moves them forward with us through the technology evolution," Mr Di Marco said.

"The technology has simplified Police & Nurses' overall information management from disparate systems across the organisation to one, easy to use, complete solution.

"It empowers end users to manage information in a way that best suits their needs and decreases dependency on IT support."