DST Bluedoor has announced it will launch a new application to help financial institutions and fund administrators deal with the Australian government’s upcoming superannuation reforms.
Bluedoor SuperStream will be available from July 1, when the SuperStream measures are implemented. Under the reforms, funds regulated by the Australian Prudential Regulation Authority (APRA) and retirement savings account providers will be required to send contributions and rollovers using a new data and e-commerce standard.
DST Bluedoor’s new tool is a messaging software package, compliant with SuperStream data standards and compatible with different administrative platforms.
It will be integrated with message providers to accept all standards of SuperStream message and will allow different rollover institutions to communicate with each other and with the Australian Taxation Office.
Executive director of DST Bluedoor Mark Cassar told InvestorDaily the industry would benefit from the simplicity of the new technology.
“We can have one place where all messages from the outside world will come into our organisation and our system will transform and disperse these messages to wherever that target is,” he said. “It’s one process that can manage all those interactions.”
Mr Cassar added that such an initiative has been a long time coming.
“Part of the mantra for Bluedoor has always been around straight-through processing,” he said. “It’s about removing people from a process, it’s about giving high levels of data integrity and speed in processing transactions and high levels of service. This is really just a natural extension of that.
“We’ve always had that capability to perform online straight-through processing by the web and by mobile devices through the Bluedoor application and really this is another step forward.”
