National Australia Bank (NAB) has launched a super clearing house in time for new SuperStream regulations that come into effect in November.
The bank has introduced online portal NAB Super Pay, which is accessible to fund, employer and self-managed super fund customers.
Through the online portal, employers can make contributions to multiple employee funds and self-managed funds without needing to process multiple data forms and making separate payment transactions.
NAB general manager wholesale wealth Nathan Gooley said employers can send in their super contributions using file extracts from their payroll system.
The super industry processes over 100 million transactions per year at a cost of about $3.5 billion.
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.