The Association of Superannuation Funds of Australia (ASFA) has welcomed a simplified superannuation payment initiative which will provide better value to fund members.
Payment Adviser and Cuscal's partnership to deliver a superannuation clearing house solution for small business owners is a welcome addition to the superannuation industry's electronic transaction processing capabilities, ASFA chief executive Pauline Vamos said.
"It represents an important cog in a complex system," she said.
"It also demonstrates the industry's willingness to invest and innovate in order to improve efficiency and provide better value to members."
However, Vamos said industry efficiency could not be achieved by the government, employers or industry working alone.
"Achieving a sustainable long-term outcome requires significant focus on all sides," she said.
"The contribution and lost member issues need to be addressed as part of a coherent strategy that addresses the main operational and process-related issues creating additional costs in the superannuation industry."
A strategic focus is required on issues including multiple accounts, lost members, contributions, member enrolment problems and rollovers between funds, Vamos said.
