ClickSuper, a founding member of the Superannuation Transaction Network Working Group, and technology consultancy, Presence of IT, have teamed up to help employers move to electronic superannuation.
SuperStream, the e-superannuation initiative, will improve the timeliness of processing contributions, and reduce the number of lost accounts and unclaimed money.
The federal government’s initiative requires organisations with more than 20 staff to comply with standards (XBRL ebMS 3.0/AS4i) for the transfer of data from employers to super funds by 3 November 2014.
CEO of ClickSuper, Robin Beauchamp, warned that financial penalties apply to large organisations that do not comply with the standards by 3 November.
“Large employers have had to deal with a number of superfunds, each with their own requirements for processing employee data and payments.
"This resulted in poor data quality, processing delays, manual and disparate processes, as well as a lack of transparency and misalignment of the contribution and pay cycle,” she said in a statement.
“I think there is a major paradigm shift happening in an industry which has clung onto outdated modes of processing.”
SuperStream requires data to be sent electronically to the super fund and the payment sent electronically through the banking system, with them linked by a payment reference number.
“Having the ability to consolidate ERP data from the financial and payroll applications electronically means that the data and payments will be sent to the superfund on the same day, and the transactions made will always match,” Shaun Flannery, Presence of IT’s chief technical officer, said in a statement.Read more: Super funds continue to rally: SuperRatings