Bravura delivers Early Super Release capability ahead of time to handle influx of COVID-19 early release requests

Bravura Solutions has today announced its rapid delivery of a technology solution that enabled its clients to bulk handle the influx of early super release requests in response to COVID-19 legislative changes.

As part of the Australian Government’s economic response to COVID-19, the legislative changes announced included a reduction in the minimum drawdowns from pensions, and early access to retirement funds for those Australians financially impacted by the pandemic.

Working in partnership with its clients and regulatory bodies within a tight two-week timeframe, Bravura has successfully delivered a solution that has enabled its clients to commence processing the ATO Early Release of Super payments from the 20 April commencement date.

The solution effectively manages a high volume of withdrawal requests and supports Bravura’s clients in enabling their members who are impacted by COVID-19 to access funds as soon as possible. All of Bravura’s Australian superannuation clients have now successfully implemented this solution.

Bravura’s Head of Operations, Jon Alder said, “The global pandemic is new territory for all of us. Superannuation plays an important role in the community at large, which is why it was critical that Bravura supported our clients through this change. Despite challenging delivery timeframes, Bravura’s ability to quickly collaborate on solution designs with our clients and the regulators and to develop rapidly was critical to achieving a successful outcome. This collaboration was essential to deliver this solution to market quickly for the benefit of those in need.”