IOOF has been helping Australians secure their financial future for more than 165 years, rightfully earning their place as one of Australia’s largest financial services companies.
A highly regulated industry, superannuation providers must comply with rigorous legislation – and having the right technology in place to support this is crucial. One key element of asset administration that supports the superannuation business is custodial services.
Seeing an opportunity to provide a better service to their clients whilst reducing operating risk, IOOF set about streamlining their system by bringing the custody service in-house, reducing costs while improving the timeliness of the service.
IOOF chose the programming language Clojure for the project – an elegant functional language that integrates easily with Java – with no impact on the rest of the technical architecture. Clojure’s high level of compatibility with Java fit well within their existing IT landscape – and was quick to build, with a lot less code