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GBST enter gateway market
GBST will enter the SuperStream gateway market after developing its own gateway functionality and landing a major institutional third-party client.
Development began late last year, GBST head of quantitative data services Kathy Taylor-Hofmann and includes built in components suitable for the full Superstream gateway service or stand-alone operations.
"We've got another client coming on board that's just taking one component as opposed to the whole thing," she said.
The gateway is still under development and is due to be completed by the 1 July deadline.
SuperStream implementation is expected to reduce the cost of manually processing transactions from between $5-10 to between 5-15 cents, according to Treasury. It said the superannuation industry processes more than 100 million transactions annually.
Last October, the Minister for Financial Services and Superannuation, Bill Shorten, said the industry had estimated SuperStream savings would reach $1 billion per annum.
The SuperStream Advisory Council has been working through the nuts and bolts of the gateway process in order to have the system operational by 1 July when super funds and other third party providers need to be tied in to a gateway to send and receive rollovers.
"It's good for the super funds to know that there's such a proactive collaborative approach among the industry players and Government to make sure that they're safeguarded," Taylor-Hoffman said.
"The main thing that they've got to understand is it all stems back from Cooper - it's all about making the back office efficent and it's something that the industry's wanted for a long time and this time, it really looks like it's going to happen."
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