Challenger Limited has announced its Challenger Retirement Fund has become the first super fund in Australia to sign up to a SuperStream rollover 'gateway', Westpac Institutional Bank's QuickSuper gateway.
A gateway allows connectivity between the back-end IT systems of different super funds, Challenger said.
The move comes just over four months out from the government's July 1 deadline for adoption, after which there will be a six-month transition period for super funds regulated by the Australian Prudential Regulation Authority until 31 December 2013.
"In addition to facilitating member choice and helping consolidate multiple super accounts, the move to electronic transfers from paper-based processing will be simpler, faster and more efficient," said general manager, operations at Challenger, David Mackaway.
"It will cut down the time between fund transfers and allow members' funds to be fully invested for longer."
Mr Mackaway said auto processing will save time and improve transparency through payment tracking, payment auditing, access to clients' online transaction history and customer support.
