A key supplier of banking technology to Australia's mutual financial institutions insists that its offering is "world leading" and by no means a legacy platform, as inferred in a recent Banking Day feature.Peter Henshaw, chief executive of Ultradata, spoke with the newsletter last week to put a different perspective on the firm's achievements and prospects.The Melbourne-based firm has specialised in developing technology for financial institutions for more than 37 years. It remains the dominant supplier to the mutual sector, even as some clients elect to shift to other vendors.Henshaw said Ultradata "more than doubled investment in our core banking system five years ago and has sustained that level ever since in row," though he would not spell out what this investment was.Thanks to its connections to building societies and credit unions Ultradata has had the revenue growth to support this. Over 10 years it has more than doubled its annual revenue to A$35 million, a rate of revenue growth around 50 per cent faster than the sector on which it depends. Henshaw said Ultradata had "a long history of setting benchmarks" and keeping its client base at the forefront of banking technology.Ultradata introduced Facebook payments soon after ANZ and CBA and says it offers the "first true 'core banking system on a tablet' for staff."Henshaw said this was "functionality that most of the Big Four Australian banks hadn't got near to - even after spending millions (if not billions) of dollars.""We've built two generations of internet banking, and built the first banking smart phone app that worked on iPhone, Android and Windows from day one."Henshaw said that "after the GFC, we had a choice - batten down the hatches ... or invest for a more exciting future for our clients."In September 2013 we announced a new banking system that gives our clients new tools. This puts us clearly at the leading edge of any banking system in the world."Our clients will be able to do the entire banking requirement for their clients anywhere, anyhow."We are providing the opportunity for people to rethink how they might approach banking services."This business has been demonstrating a capability because of the collective power of a large number of mutuals to coinvest with us for the future."There's a heck of a lot of innovation, money and energy going in this business. We don't have the Commonwealth budget or the ANZ budget."We put energy in to keeping smaller clients competitive."