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:
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.”
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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