Automation service provider Payment Adviser has introduced a system allowing employers to provide superannuation funds with contribution details in an electronic format.
Called SuperPay, the system allows superannuation funds administrators to either download the details of contributions straight into their back office function or access the information in a PDF format.
Rice Warner research into the system estimated it has the potential to save at least $14 million for the industry over the next 10 years.
"Electronic superannuation payments have been very successful, but the way they have been linked with the detail has been by email, post or other means," Payment Adviser head of marketing and sales Brad Rosenthal said.
"SuperPay means the electronic payment and the details making up the payment are permanently linked so that at any time there is no need for reconciliation," he said.
In addition, Payment Adviser is currently in negotiations with one of the large banking institutions to link SuperPay to its electronic bank statements.
It means superannuation trustees and administrators will be able to download details of contributions from the transaction line on an electronic bank statement.
This level of functionality will be able to reduce the administration costs of self managed superannuation funds, according to Rosenthal.
This functionality linked with banks is expected to be available to users in around three to four months.
