National Australia Bank (NAB) has launched a super clearing house in time for new SuperStream regulations that come into effect in November.
The bank has introduced online portal NAB Super Pay, which is accessible to fund, employer and self-managed super fund customers.
Through the online portal, employers can make contributions to multiple employee funds and self-managed funds without needing to process multiple data forms and making separate payment transactions.
NAB general manager wholesale wealth Nathan Gooley said employers can send in their super contributions using file extracts from their payroll system.
The super industry processes over 100 million transactions per year at a cost of about $3.5 billion.