Financial services company Coris Capital has chosen MIP Holdings` AstraPen employee benefits administration system, together with the AstraFin2 financial management system, at its administration business unit. AstraPen, another MIP solution, will be fully integrated with AstraFin2, providing complete pension fund management.
MIP is an established IT solutions provider, with a proven track record in the development of fund administration systems. The company focuses on developing tools and services to support developers within the Progress Open Source Software Exchange (POSSE). AstraFin2, as a core MIP product, offers seamless integration capabilities in this environment.
Coris Capital is a financial services company with core competencies in administration processes and asset management.
"Integration between AstraPen, AstraFin2 and our existing asset management solution was a crucial requirement for us as it is the enabler of what we call the `Coris Triangle` - the daily balancing of the three core administration solutions," says Craig Eldridge, GM of IT for Coris Capital. "The flexibility of the product suite combined with the development platform will allow us to achieve this with relative simplicity."
AstraFin2 is a complete accounting module, offering flexible functionality such as the consolidation of multiple companies in a single database, and multiple account structures for all trading partners in a company. It also sports a self-contained application programming interface (API) which provides information transfer while maintaining data integrity.
AstraPen provides all the tools required by an administrator to manage employee benefits. MIP has designed the software to cater for all the intricacies of managing a pension fund - from the collection of monthly contributions, to the reinvestment of funds to ensure maximum returns, to the payment of benefits to retired members.
AstraFin2 and AstraPen are based on the Dynamics development framework which uses the latest version of the Internet Component Framework (ICF) available through POSSE. It is this underlying architecture which allows the MIP team to achieve the seamless integration that Coris Capital requires.
"In addition to the suitability of the software itself, there are a number of inherent benefits within all of the solutions provided by MIP," says Eldridge. "It was important to us that MIP provide a well controlled development environment, tempered by a deep understanding of the trends in IT and the employee benefit market.
"Furthermore, we required a company which could provide us with a high level of agility in terms of the functionality we needed, while maintaining a cost-effective product with strong local support. MIP met all of these criteria."
Coris Capital is confident that the new systems will greatly enhance its ability to provide quality services to clients come the go-live date of 30 September. "Systems such as AstraPen and AstraFin2 are implemented to provide a solid base for servicing clients. These applications will increase Coris Capital`s ability to service our client base in numerous ways, while maintaining high levels of data integrity," says Eldridge.
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