InPayTech combats slow super payments
InPayTech has launched a superannuation payment system, PayVu, that allows small-to-medium (SME) businesses to make same-day super payments to employees, bypassing third-party clearing houses.
The fintech firm said super payment requirements were the bane of small employers as the current system, which could be remedied with a new software overlay, was inefficient and old-fashioned.
InPayTech chief executive, Robin Beauchamp, said Australian businesses had struggled in the past with complicated processes and that the new system had been developed with issues of efficiency and practicality in mind, which Beauchamp said would benefit employees as savings could be invested promptly.
"PayVu not only removes the ‘middle man' of clearing houses, but adds immediate ease, efficiency, and security to the direct payment of employee super entitlements," he said.
"Small business may be the backbone of the Australian economy, but superannuation payment requirements are the bane of the small employer."
PayVu automatically linked data to each unique payment and the need for employers to manually match data to payments in their accounting software was also removed.
Citing current systems "cumbersome and inefficient", Beauchamp said the downstream benefits of improving payment efficiency would also have far-reaching effects, including full compliance with the government's SuperStream regime, and the development of a relationship between employer and employee's superannuation funds.
Moving forward, InPayTech would look to improve payments across the retirement space.
"[We are] focusing for the moment on making the payment of retirement savings far more speedy and efficient for SMEs," Beauchamp said.
Recommended for you
Super trustees need to be prepared for the potential that the AI rise could cause billions of assets to shift in superannuation, according to an academic from the University of Technology Sydney.
AMP’s superannuation business has returned to outflows in the third quarter of 2025 after reporting its first positive cash flow since 2017 last quarter.
The major changes to the proposed $3 million super tax legislation have been welcomed across the superannuation industry.
In holding the cash rate steady in September, the RBA has judged that policy remains restrictive even as housing and credit growth gather pace.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Lakehouse Small Companies
152.92 3 y p.a(%)
3
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
4
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
5
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
