CBA begins SOA outsourcing trial

Listed software firm Intiger Group has confirmed it is producing SOAs for CBA dealer groups as part of a pilot program, following a similar development with NAB in 2017.

In a statement on the ASX on Friday, Intiger confirmed it began producing SOAs for CBA licensees Commonwealth Financial Planning, Financial Wisdom and Count Limited as part of pilot program in March.

CBA staff have also conducted a physical on-site inspection of Intiger offices in Manila.

Intiger's statement said the company could “confirm that CBA and Intiger have agreed to a mutually beneficial training and upskilling program to commence imminently”.

Eighteen months of “discussions and due diligence” were conducted prior to the commencement of the pilot programs, the statement said.

“[Intiger] and CBA program management teams are working closely to expand production volumes in line with our capacity and quality controls,” it said.

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“Both firms recognise the scale and importance of the opportunity and are expanding production in a structured and disciplined manner.”

Intiger made the announcement about pilot agreements with the three CBA licensees on 2 February.

On March of last year, the software firm had claimed it had entered into a ‘memorandum of understanding’ with NAB Financial Planning.

But a NAB spokesperson informed ifa that there had been “no memorandum of understanding in place”, resulting in a trading halt and a new statement from Intiger clarifying that the agreement was a instead ‘summary of understanding’.

Intiger is chaired by former FPA director and WA committee member Patrick Canion, and was previously chaired by former FPA chief executive Mark Rantall, who stepped down from the FPA in February 2016.

CBA begins SOA outsourcing trial
Commonwealth Bank of Australia, CBA, SOA outsourcing trial
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