Administration service provider SuperConcepts is set to receive the necessary accreditation to be one of the first in the SMSF space to provide open banking services to clients.
The firm confirmed it would receive International Organization for Standardisation (ISO) 27001 and Service Organization Control (SOC) 2 certification by the end of June 2021, allowing it be one of the few SMSF service providers to have full access to consumer banking, transaction and other financial data from major banks.
SuperConcepts chief information officer Grant Christensen said: “We have ISO to prove to the ATO that we have robust security systems, we have done SOC so that our auditors can rely on those systems and both of those have set us up to be one of the early participants in our space in the open banking regime because we will have everything in place.
“By doing this it is setting us up to be leading the SMSF space for open banking.”
Financial advice providers, and compliance and administration service providers like SuperConcepts, have the most to gain from having access to open banking, the firm pointed out.
“One of the main challenges with any form of financial advice is gathering all the paperwork, data and transactions together so it can be analysed, reviewed and solutions can be put together and offered to the client,” it said.
“Not only will [open banking] speed up the process, but this complete transparency also means that the advice given will be the most accurate and personalised totally to the individual based on their actual banking history and data.
“It looks as a game-changer for the SMSF space and SuperConcepts is looking forward to being a leader in open banking, becoming accredited and ready to offer this service to our clients soon.”
When the open banking regime was introduced to Australia, QMV legal and risk principal consultant Jonathan Steffanoni said there was a high likelihood an open super regime would follow, under which SMSFs would be potentially at an advantage.
