FundMaster Advantage - Systech Africa

quaggafoulInternet and Web Development

Dec 14, 2013 (3 years and 4 months ago)

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Driving Pension Administration



PRODUCT SUMMARY












Developed By :

SYSTECH LIMITED

VIEW PARK TOWERS 9
TH

FLOOR

P.O. BOX 41964
-
00100

NAIROBI


KENYA

Telephone : +254
-
20
-
2240363/4

Fa
x : +254
-
20
-
2240363

EMAIL

:
Info@systechafrica.com

Website

:
www.systechafrica.com







FUNDMASTER XI


-

PENSION
S AND INVESTMENTS

S
YSTEM


FUNDMASTER Xi

is a browser
-
based Pension Administration and Investments Mana
gement
System designed on a transparent Java Enter
prise Edition framework that ca
ter
s

for the core
functions of Retirement Benefits and Pension Scheme Administration with special emphasis on;




Benefits Management



Investments and Asset Management



Property M
anagement



Financial Management



Sponsor and Member self service



Workflow


FUNDMASTER Xi

is designed to meet the needs of private and public employee retirement
organizations. Its benefits include:




Lower development and deployment cost



Lower ongoing mainten
ance



Easier software change management



Higher capacity to handle anticipated volumes



Easy integration with legacy application


FUNDMASTER Xi

supports

the following plans



Defined Benefits



Defined Contribution



Hybrid



Individual Pension Plans



Umbrella Funds

(
Provident and Pension)



Annuity Plans



Unit Trusts

(
Equity, Money market,
Bond Fund,
Balanced Fund, Property Fund)



Investment Trust Funds



Unitized Pooled Funds



Savings and Retirement plans



Gratuity Plans


FUNDMASTER Xi

incorporates the following unique featu
res



Multi scheme



Multi Currency



Multi tax regimes



Pension acts and tax legislation



Multi employer






FUNDMASTER XI

ARCHITECTURE




The figure above is a representation of the architectural view of the system








Description of the architecture


The
FUNDMASTER
Xi

is architected around the industry proven Java Enterprise Edition (JEE)
technologies. It is layered into tiers enabling specialization during development and testing. It
is
highly modular to ensure low coupling and high cohesion

in the appli
cation. It i
ncorporates the
Service Oriented Architecture (SOA) enabling seamless communication/integration with other
applications by exposing web services.


At the top most layer (User Interface), we have a rich javascript UI framework. This enables
FUNDMASTER Xi

to

run on any standards compliant browser. The UI layer is responsible for
communication with the server components for transfer of data between the client and the
server
.


In the Business Logic Layer, we have JEE components that enable the processing of com
plex
business logic which also communicates with the data layer for transfer of data to and from the
database.

In the Data Layer, we have an ORM layer that’s responsible for the transfer of data between the
business and database. This is where the mapping
of business objects to database tables
happens. This way, we are able to and re
-
target and use different relational databases in
FUNDMASTER Xi
.


The last logical layer is the data layer where we have
Oracle Database
. The Oracle Database is
the preferred st
orage owing to its Industry strength and the various products that provide
additional value to an enterprise like Data warehousing, Real Application Clusters etc



FUNDMASTER Xi

is flexible and readily tailored to the unique business and technical needs of

any pension scheme. The ability to customize this approach allows this solution to support
mission
-
critical pension operations while leveraging existing technology investments and tools.




















CORE PENSION ADMIMISTRATION SERVICES


The foundation
of
FUNDMASTER Xi

is its Core Pension Management Services, which include

integrated modules that perform the primary business processes associated with operating a
pension fund.


This solution uses a set of predefined system design templates including data
models, class and
state diagrams, graphical user interface models, and a predefined software architecture to
accelerate the delivery of these services.


ADMINISTRATION SERVICES


Administration Services consist of pre
-
designed and developed components that

are part of the
FUNDMASTER Xi
s’ mainstay software architecture.

The Administration Services include:


o

Security Administration

o

Batch Process Administration

o

System Administration

o

Server Administration

o

Interface Administration

o

User Profile Administration



P
RESENTATION LAYER

Members, benefits recipients and employers access
FUNDMASTER Xi

via the

web
.


FUNDMASTER Xi

user interface (UI) is natively web
-
enabled and based on the EXTJs library. It
runs on any W3C compliant browser. ExtJs is a Javascript library f
or building interactive web
applications using technologies such as

Ajax,

DHTML

and

DOM scripting. ExtJs includes a set of
GUI
-
based form controls (or "widgets") for use within web applications that give one a
Microsoft office
-
like look and feel


CHANNEL L
AYER

The channel layer provides integration for various forms of communication


BACK END LAYER

This layer encompasses the back
-
end database where the application stores the data,
interfaces with the legacy applications, and integrates with imaging and wor
kflow application
related communication to and from the users is through the application layer.


Specific Web
-
based workflow and imaging components can also be integrated with this layer to
trigger workflow processes.

Internal users access the system throu
gh network connection and





Windows machines. Since these individuals do the bulk of the work, it is useful to provide an
application
-
rich user interface that is fully integrated with local desktop applications.



APPLICATION LAYER

The application layer is t
he core of the system. The key features of this layer are:

o

Application management

o

Application security services

o

Business logic

o

Load balancing/fault tolerance

o

Transaction management and messaging

o

Enterprise application/data integration


Integrates with the

legacy
-

data/ applications


The application layer blends
FUNDMASTER Xi

functionality, custom development and package
-
based software into a highly scalable business system suitable for meeting our clients’ current
and future business objectives.

































FUNDMASTER MODULES




Scheme set up



Scheme Descriptive details



Service providers



Benefits Configuration matrix



Actuarial factors


Commutation factors, annuity rates



Retirement ages and Contribution rates



Multiple Benefits calculation for
mulas



Interest rates history



Vesting scales



Scheme documents imaging



Reserve fund Configuration



Bonuses/Service gratuity Configuration



Single or Umbrella scheme Configuration



UnRegistered Contributions configuration


and many more set up details as foun
d in the TRUST DEED









Members Register



Active members personal details



Nominated Beneficiaries



Salary/Contribution History and Statements



Employment History



Contribution Arrears tracking



Leaver processing


Withdrawals, Ill
-
health, transfers, Retirements,

Resignations,
dismissals e.t.c



Death in Service processing



Benefits statements



Benefits Projections


Surrender value, Retirement and Deferred Benefits



Breaks in Service tracking



Members in Unregistered Scheme



Members imaging



Batch data imports as per p
re
-
defined templates



Members



Contribution batches



Opening Balances



Pensioners



Debtors and Creditor
s
and many more…



Batch Posting


Member accounts and to the GL



Batch Exception Reports



Batch Reconciliation



And many more…


Pensioners Register



Pensioners/Be
neficiaries in the Payroll Listing



Their Respective Pay points



Pension Payment History



Benefits and Tax Paid at Retirement



Banks set up



Set up different Banks, Financial Institutions and Paypoints



Death In Retirement Processing



Pensioners Certificate of E
xistence processing



Pension Escalation/Revision



Pension suspension processing



Court Attachments



Pensioners Liabilities



Deferred Pensioners Register



COLA factors


(cost of living adjustment factors)



And many more…






Financial Accounting




Fully fledged Accoun
ting Package in FundMaster that is seamlessly integrated to the rest
of the modules



Payables



Creditors



Creditor Statements/Aging analysis



Payables Register



Direct Payments



Payment Vouchers Register



Receivables



Debtors



Debtor Statements/Aging analysis



Rece
ivables Register



Direct Receipts



Receipts Register



Cheque Writter



Printing of Pre
-
formated Cheques



Cash Management



Cash book maintenance



Bank Reconciliation



Imprest (Petty cash)



Foreign Exchange Rates Register



Budgets



Budgeting



Budget Variance Analysis



P
rojections



General Ledger



Flexible Chart of Accounts



Unlimited number of Accounting Levels



Flexible user defined Financial reporting levels set up



General Ledger Accounting transactions drill down



Journals



Flexible Accounting Periods



Financial Reports


Tr
ial Balance, Balance Sheet, P&L and Cash flow



Fixed Assets Register



Fixed Assets Register



Depreciation of Assets



Disposal of Assets









Investments



Scheme Investments Register



Investments Performance Monitoring



Investments Guidelines/Compliance ratings



Inve
stments Movements Tracking



Tactical/Strategic Portfolio Allocation



Unitization of Investments



Investment Management as per the Various Investment classes.



Real Estate



Equity



Government Securities



Commercial Paper and Corporate bonds



Offshore Investments



Lo
ng Term Loans



Fixed Term Deposits



Endowments


Fees and Commissions




Keeps track of the various fees/
levies and commissions paid by the Scheme



Actuarial Valuation



Auditing



Administration



Trustees allowances



Custodial fees



Retirement regulatory body levies




and many more…



















MEMBER SELF SERVICE

PORTAL (MSS)


Member Self Service is a secure online (browser based and platform independent) porta
l which
enables members of
a p
articular Pension Scheme managed by Fund Master Xi be ab
le to access
their personalized pension information from anywhere via the internet.












MSS has been developed with privacy protection control systems designed to ensure the
highest security standards and confidentiality.












With MSS members a
re able to
:




View (Personal) and Update Contact information.



View their (and totals) Contributions History.



View their Member Statement with a provision to print.



Calculate Benefits Projections.



Perform a 'What
-
if
-
Analysis' to calculate take home in case
of an unprecedented
eventuality.



Make Additional Voluntary Contributions via Mobile and Online Payment (A feature
currently under design and development).



Receive Pension Payments via Mobile Payment (Also under design and development
stage)










Structure o
f
FUNDMASTER Xi

MSS:

MSS is for use by both the members and the plan sponsors, it thus
enables

the sponsor to
access
quick
ly

information about the scheme irrespective of their location (whether they are
out of office).








MSS


“My Pension Online” por
tal has been developed in the robust and secure object oriented
java programming language using Java Server Framework (JSF) 2.0 together with Richfaces4 for
designing rich internet applications and deployment under Glassfish 3+ or
Oracle

Weblogic web
serve
rs.
















FUNDMASTER XI

WORKFLOW


FUNDMASTER Xi

Workflow management system aims at distributing work by automating core
processes in Xi e.g. movement, payroll processing etc.


This is achieved by routing tasks and documents to the users responsible fo
r working on them,
through sequential progression of work activities. The workflow system has been designed
based on the Decision
-
chain process model that uses the milestones and decision points to map
out the processes.


Salient

features of the workflow

management system include; but not limited to the following:



Task Initiation & Control:

Business processes are initiated and the appropriate human
and IT resources are scheduled and/or engaged to complete each activity as the process
progresses



Rule Base
d Decision making:

Rules are created for each step to determine how work
flow related data is to be processed, routed, tracked, and controlled. As an example,
one rule might generate email notifications when a condition has been met.



Document Routing:

Acco
mplished by passing files, reports or folders from one recipient
to another (e.g., a benefits calculation sheet, a payment voucher etc.)



Work lists:

These allow each worker to quickly identify their current tasks along with
such things as due date, goal da
te, priority, etc.



Event Notification:

Staff and/or managers can be notified when certain milestones
occur, when workload increases, etc



Process Monitoring
:

The system can provide valuable information on current workload,
future workload, bottlenecks (curr
ent or potential), turn
-
around time, missed deadlines,
etc.



Tracking and logging of activities:

Information about each step is logged. This includes
such things as start and completion times, person(s) assigned to the task, and key status
fields. This info
rmation is later used to analyze the process or to provide evidence that
certain tasks were in fact completed.



Administration and Security:

A number of unctions have been provided to identify the
participants and their respective privileges as well as to a
dminister routines associated
with any application (e.g., certifications, payments processing etc).

Our workflow management solution adds value to our clients in a number of ways, and some of
the benefits of the workflow systems are as follows just to ment
ion a few:




Opportunities for Process Change
:

It forces organizations to examine and define their
business processes, which is the normally the ideal time to consider business process re
-
engineering.








Improved/Increased Access to Information:

The Workflow
management system builds
corporate knowledge through gathering and organizing all the process information that
may have been scattered among various staff members, which is now combined and
availed to all employees, especially newer employees who may have
limited
understanding of a more complex business operation
.




Improved Security & Reliability:

Using mechanisms such as role privileges (determines
who can access and/or change information), process control (e.g. a document may need
management approval bef
ore moving on to the next step), version control, and system
back
-
ups, the data becomes more secure and reliable


FUNDMASTER Xi

workflow management system

has been developed using the J
EE platform,
a
nd can run on any J
EE web container.

This means that the
application can be accessed through
any web browser(Mozilla firefox, google chrome, Opera etc).

The user interface has been developed using a rich javascript framework known as ExtJS, which
uses JSON (light data interchange mode) data interchange format.

The back
-
end has been
developed using the Stripes framework for the action beans and Hibernate has been used for
persistence.








FUNDMASTER XI REPORTING AND BUSINESS INTELLIGENCE


The requirement to make information more available and analytics easier to g
enerate has
increased demand for technology that can bridge across IT and business.

FundMaster reporting powered by ActuateOne BIRT brings new innovation in simplicity of
assembly of information and analytics that make Business Intelligence and Information

application more effective for businesses to consume and generate.


BIRT (Business Intelligence Reporting Tool)

is the premier development environment to
present
data visualizations

in comp
elling ways via the web on any device. Actuate products add
interactivity,
dashboards
,
analytics
, a
nd deployment options for web and
mobile applications.


REPORTS


Some reports are relatively static and highly structured to meet corporate identity and other
standards.

Such “pixel perfect” r
eports are predefined and designed by a professional designer.

At the other extreme, ad hoc reports are much more dynamic, providing the business user with
data and drag and drop web tool to create their own reports.


Scheduling of reports and emailing are

amongst core features driven by ActuateOne.


Reports cutting across all FundMaster modules: Members, Investments, Accounts, Pensioners
Register are designed by same technology.


BENEFITS OF BIRT REPORTS (BI SOLUTION)


FundMaster XI embed Actuate One highl
y customizable, visually rich, open source
-
based data
analysis and reporting environment into their software product: FundMaster


1.


Reduced cost and containment

-

Actuate redefines the BI category by moving away from a
set of disparate tools to a suite of i
ntegrated capabilities within a single environment: a
common architecture for development and deployment, utilizing one server and one design
for a seamless unified end
-
user experience with powerful and highly intuitive BI applications
for users to interac
t with and manipulate their own data and reports.


2.

Increased customer satisfaction,

-

FundMaster offers users the flexibility to customize and
create information reports. This is powered by BIRT’s highly intuitive end
-
user interface.



3.

Expedited time to de
ploy


it is

fast to integrate and deploy Actuate products.







4.

Extended community of BIRT developers

-

Over one million developers use BIRT worldwide.
What better assurance is there that your embedded BI tool has a large pool of strong
development feedback an
d support?



5.

Unequaled scalability

-

Underpinning BIRT’s adoption by ISVs (Independent Software
Vendors) and SaaS (Software As A Service) providers is the extremely scalable BIRT iServer,
designed to ensure that BIRT deployments are not locked into a parti
cular end
-
user
experience, hardware configuration or data structure. The technology easily scales to
thousands or millions of users as your business grow.

6.

Recognized leadership

-

Actuate and its value
-
added offerings for BIRT have been
recognized as a lead
er in “The Forrester Wave™: Open Source Business Intelligence (BI), Q3
2010” report. The Forrester Wave report, created as a global vendor assessment tool, rated
Actuate as a leader based on Actuate’s pure play BI application and highly scalable,
function
-
rich reporting.







Fig. 1









Fig. 2


Figure 1 above shows a sample Members Statement in FundMaster Xi displayed in a BIRT
Viewer. Figure 2 showcases user interactivity within Actuate BIRT Reports.



DASHBOARDS


Ideally business users should be able to

assemble their own dashboards and share them with
others all without involving technical people. Marshboards a combination of marsh up and
dashboard provides real time information from multiple public and private data sources.


ANALYTICS


ActuateOne is us
ed to model, manipulate and visualize any flavor of data using OLAP or in
-
memory analysis in order to identify issues, spot trends and make better decisions quickly.


ADDITIONAL PRODUCTS

There are additional tools within Actuate products scope that can gui
de in control and
performance measures e.g the Balance Score Card application by Actuate.








FUNDMASTER BENEFIT PLAN MODEL




FundMaster Integrates and provides information to/from the various players in the pensions
industry.





















FUNDMASTER XI

DEPLOYMENT





The figure above is a representation of the
deployment of
FUNDMASTER Xi




















IMPLEMENTATION METHODOLOGY















In this approach
FundMaster will be ready to go live completely within 2 months

(as
long as the data is cle
an)




The Fund administrator will be ready to start doing business very quickly and
earn returns to cover the cost of her investment in IT.



The Fund Administrator will not need to maintain on site support consultants.



The Fund Administrator will be able

to get new products out into the market faster




No need to revert to manual operations for new products with new
requirements



No need to fly in consultants to define or setup complicated new products.



Comprehensive parameter driven product setup allows pr
oduct definition to be
business driven rather than IT constrained.








FUNDMASTER Xi

provides seamless integration between all business applications, the Imaging
Document Management System and the workflow engine. This approach reduces process
fragmentation
and greatly improves operational efficiency while simultaneously improving the
delivery of customer service.


VALUE ADD PROPOSITION

SysTech can rapidly provide significant value to your organization by leveraging our strengths
and experience and by capital
izing on our vast resources in solutions development, ongoing
training and team continuity.


We have highly specialized and experienced staff in automation of complex actuarial
calculations and an unmatched
in
-
depth
knowledge of the pension industry.


FUND
MASTER DIFFERENTIATORS
























SELECT CLIENT LIST




Banking




Central Bank of Kenya




Insurance Companies




British American Insurance Company




Government Schemes




Government Employees Provident Fund


Tanzania



Parliament Pension Scheme
-

Uganda




Administrators (Financial Institutions)




Alexander Forbes Financial Services (EA) ltd.



Pacific Pension Administrators



Eagle Africa Insurance Brokers (Formerly Alexander Forbes Insurance Brokers)



African Life Financial Services (Zambia)



Member of SANLAM



Mukuba Pension Trustees LTD. (Zambia)




Local Authorities



Local Authorities Pension Trust
-

Kenya



Local Authorities Provident Fund


Kenya




Self
-
Administered Schemes




Kenya Ports Authority



Postal Corporation of Kenya Pension Scheme



TelPosta Pension Scheme



KEFRI Staff Pension Scheme



Parastatal Pensions Fund


Tanzania



National Pension Scheme Authority


Zambia



Kenya Railways Staff Pension Scheme



Kenya Pipeline Pension Scheme



Kenya Agricultural Research Institute



University of Nairobi Pension Scheme



Maseno University Pension Scheme