Payment Management System

Customer

Swiss Life — the leading life insurance company of Switzerland, and Stiftung Auffangeinrichtung, a Swiss Federal Pension Umbrella Fund controlled by the Swiss Federal Government.

Challenge

Every employee of a Swiss company is usually a member of BVG pension fund, so called Second Pillar Fund. In the case of an owner of such funds being untraceable, these funds are transferred to the institutional reserve for holding and administration of transitional or dormant pension funds.

Administration of these accounts is done by the leading Swiss life insurance company Swiss Life. It also makes authorised payments of these individual funds.

To provide full control and management of such accounts a dedicated account management system was required. Another requirement was to ensure full range of other transactions management.

Solution

Closely cooperating with Swiss Life, Sunbay run investigation and feasibility stages. Afterwards user and system requirements to the system were set up. The software called KOFA was developed based on Oracle database functionality to provide easy and fast connectivity between all tiers.

Due to Sunbay experience KOFA was designed as a user-friendly client/server application that incorporates complete bank specific account handling, automatic tax calculations, electronic payment handling via SAD and reporting output in four languages.

Besides that, KOFA can be easily connected to other systems. It can smoothly cooperate with SAP/R3 system for double-entry bookkeeping (including annual accounts). It can also provide data for the Yellow Net (a system of electronic payments transferring). Numerous statistical analysis options are also provided.

All these make KOFA a reliable and easy-to-use system to manage and administrate pension funds that require transferring or depositing with specific legislative rules applied.

Since the system is installed several additional modules were developed to extend existing features of KOFA. All add-ons were smoothly integrated without any system matching breaks and delays.