Financial services technology company Iress has launched SuperConnector, a new clearing house as part of its SuperStream gateway.
The clearing house would allow employers to make superannuation contributions to multiple super funds for their employees from one central portal.
The function could be used on both Australian Prudential Regulation Authority (APRA) regulated funds and self-managed superannuation funds (SMSFs).
It could be by employers regardless of whether they use payroll software or not, with the entry of employee and contribution data supported via ﬁle upload or manual entry.
Services included in SuperConnector:
- Standard Business Reporting messaging – to manage member account attribute service (MAAS) and member account transaction service (MATS) obligations;
- SuperStream messaging – which included the capability to transmit SuperStream compliant contributions and rollover messages; and
- Clearing house – which enabled employers to transmit data and payments so they could meet their SuperStream obligations.
Andrew Walsh, Iress chief executive, said the importance of superannuation to the Australian economy shouldn’t be overstated, but complexity and ineﬃciency continued to be a challenge for super funds and employers seeking better outcomes.
“SuperConnector has been built hand-in-hand with employers and funds, focusing on the main pain points identiﬁed by users,” he said.
“A major issue for employers and funds is data accuracy and rework. SuperConnector helps to stop these errors before they happen, driving average accuracy levels to 99.5% or higher.
“With the addition of the clearing house, super funds now have an end-to-end solution to help both themselves and employers reduce risk, increase eﬃciency and manage their obligations in a cost-effective and simple manner.”