POWERED BY MOMENTUM MEDIA
Iress adds clearing house to SuperStream gateway
Financial services technology company Iress has launched SuperConnector, a new clearing house as part of its SuperStream gateway.
The clearing house would allow employers to make superannuation contributions to multiple super funds for their employees from one central portal.
The function could be used on both Australian Prudential Regulation Authority (APRA) regulated funds and self-managed superannuation funds (SMSFs).
It could be by employers regardless of whether they use payroll software or not, with the entry of employee and contribution data supported via file upload or manual entry.
Services included in SuperConnector:
- Standard Business Reporting messaging – to manage member account attribute service (MAAS) and member account transaction service (MATS) obligations;
- SuperStream messaging – which included the capability to transmit SuperStream compliant contributions and rollover messages; and
- Clearing house – which enabled employers to transmit data and payments so they could meet their SuperStream obligations.
Andrew Walsh, Iress chief executive, said the importance of superannuation to the Australian economy shouldn’t be overstated, but complexity and inefficiency continued to be a challenge for super funds and employers seeking better outcomes.
“SuperConnector has been built hand-in-hand with employers and funds, focusing on the main pain points identified by users,” he said.
“A major issue for employers and funds is data accuracy and rework. SuperConnector helps to stop these errors before they happen, driving average accuracy levels to 99.5% or higher.
“With the addition of the clearing house, super funds now have an end-to-end solution to help both themselves and employers reduce risk, increase efficiency and manage their obligations in a cost-effective and simple manner.”
Recommended for you
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
