Self-managed super fund administration and software provider Class has launched an accounting and administration product for the growing number of discretionary and unit trusts.
Class Trust is said to make the administration process easier for financial advisers and accountants by automating parts of the process from deed establishment and management through to closure.
Class chief executive Andrew Russell said the product comes from its existing customers' wish to simplify trust administration.
"Class software product expertise is solving customer pain points through complex rule-based coding. The launch of Class Trust is a natural extension of our product suite for our customers," he said.
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In a pilot of the product, Class Trust was able to save an average of three hours of administrative work and jobs could be processed in half the time after its research showed that Excel was used for trust administration.
"As we have seen through our in-depth customer research, managing trusts is complex and while we have used the components of the Class engine, our Trust product has been designed and built to address the specific challenges we know exist for professionals that administer trusts," Russell said.
The launch of Class Trust comes as Class appointed two technology heads last month to assist in growth and innovation.