Software development specialist MIP Holdings has completed the first phase of a pension fund administration system for the Joint Municipal Pension Fund (JMPF).
JMPF administers seven pension funds including the JMPF itself, two pension funds for employees of local authorities, a pension fund for councillors of local authorities and three private pension funds.
The project is a joint venture with JMPF that enables JMPF and MIP to market the system to other pension funds.
A key benefit of the system is that it is designed to enable JMPF to develop and grow its organisation to make the most of opportunities that have opened up since the deregulation of pension fund administration in 1994, particularly in complimentary financial services administration.
Besides the core financial and pension administration modules, the new system includes a housing loan management- and a property investment component, all functioning within an integrated pension administration system. Part of the project includes training.
MIP CEO Richard Firth says the system was completed in a third of the expected development time due to the use of MIP`s Astra, AstraGen and AstraFin rapid application development (RAD) tools.
"We chose MIP because they were the only company who agreed to meet our deadline within budget," says Hennie Booysen, Manager: IT at JMPF. "In fact, we decided to outsource our entire IT requirement to them. Subsequently they have become our technology partner rather than a mere service provider, assisting us in the alignment of our IT to our business strategies."
MIP is currently developing an interface for JMPF clients to conduct business-to-business (B2B) e-commerce. Both JMPF`s local authority clients and new private enterprise clients will be able to conduct transactions with the administrator directly via virtual private networks (VPNs) and the Internet within the next two years. "This will improve our client service in general," says Booysen.
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