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Block of super funds lodge first e-reports
Forty-seven superannuation funds have successfully lodged electronic reports to the Australian Prudential Regulation Authority (APRA) for the first time as part of the new reporting standards set out in the Stronger Super reforms.
Technology solutions provider Orient Capital worked with superannuation administrators AAS and Link Super using the miraqle platform to meet the 28 October deadline.
The move comes as part of SuperStream measures to automate the industry.
"What we have achieved using a complete electronic end-to-end solution for APRA reporting has not been achieved by any other superannuation administrator as far as we are aware," Orient Capital chief operating officer Paul Gardiner said.
From the September quarter, APRA increased the information required to be reported by superannuation funds while reducing the time they have to report it.
While reporting to APRA used to be a manual process involving spreadsheets, Orient Capital said this was unsustainable under the tighter deadlines and increased requirements of Stronger Super which required higher levels of usability, traceability and auditability.
"By using Orient Capital's miraqle platform, we have been able to load and validate large amounts of complex accounting, investment and trustee information and lodge it via APRA's electronic reporting portal. Funds now have access to all their data and can sign-off via the miraqle platform, making the process completely electronic," Gardiner said.
Orient Capital drew information from three administration systems, three accounting systems, four custodians and multiple asset managers to provide solutions to funds.
Speaking of her experience as a client of Orient Capital, Kinetic Super CEO Megan Bolton said the import of data from the fund custodian and administrator into miraqle and the workflow built into the product meant progress could be tracked at every stage.
"The process [was] completed on schedule, while the audit and traceability functionality built into miraqle provide the confidence that we are meeting APRA expectations in that area," Bolton said.
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