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Gates open on new rollover standards
The first electronic rollover transactions to use new SuperStream rollover standards have been processed.
SuperChoice's Super GATE has successfully processed some of the first live electronic rollover transactions using the new standards and will now switch its focus to making support for contribution transactions available later this year.
"This is the realisation of hundreds of man-years of effort across the industry to build and integrate these new standards in an extremely short timeframe," said SuperChoice chairman Peter Philip.
Eight gateways are signed up to the new SuperStream standards: GBST, Westpac-Quicksuper, Evision, ClickSuper, Ozedi, Calestone, LUCRF and SuperChoice. QuickSuper and SuperChoice are the only gateways sending rollovers at this stage while the rest are ready to receive.
From 1 July the Australian Prudential Regulation Authority (APRA)-regulated funds started using the data standard for sending and receiving rollovers. Funds will need to be ready to receive contributions in the new standard from 1 July next year.
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