MMC picks up another default KiwiSaver provider
Kiwi Wealth has followed BNZ and put administration of its default KiwiSaver Scheme on the MMC platform.
MMC says this is an extension of its services to Kiwi Wealth. It will provide full registry services, as well as unit pricing and fund accounting for Kiwi Wealth’s Managed Funds and KiwiSaver products.
By transitioning these services from an-inhouse operating model to MMC, Kiwi Wealth will achieve a scalable infrastructure to accommodate growth and deliver enhanced investment outcomes to its members and investors, while also taking advantage of economies of scale.
The soon-to-be implemented operating model will support Kiwi Wealth’s requirements as a default KiwiSaver provider, and includes full PIE and other tax calculations, reconciliation and reporting. MMC’s API interface with IRD will improve automation, speed up KiwiSaver transfers and improve the overall member experience. Kiwi Wealth will also be utilising MMC’s APIs to deliver its industry leading digital investor experience layer.
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