SMSF administration software specialist BGL is set to increase the number of data feeds incorporated in its new Simple Fund 360 offering over the next few months.
BGL managing director Ron Lesh said Bendigo and Adelaide Bank, HSBC, ING, Suncorp Bank and RaboBank were the latest financial institutions that had agreed to provide automatic data feeds to Simple Fund 360 users.
They join the likes of ANZ, National Australia Bank, Commonwealth Bank of Australia, Westpac, St George and Macquarie, which have already granted BGL access to their data feeds.
“Our intention was always to support about the top 14 [banking institutions],” Lesh said.
“If you don’t want to get the data through our service or you can’t get the data for the other institutions, you have the ability to bring in CSV (comma-separated value) files from other banks or to use BankLink.”
In addition to expanding its range of data feeds, Lesh pointed out Simple Fund 360 had enhanced the ease of use for clients by reducing the number of menu items from 150 to nine.
In response to frequently asked questions about data security, he emphasised the Simple Fund 360 data was stored in Australia and it was backed up very frequently.
“There are two copies of the data running live. We store the data into one of the databases every time you process a transaction, which is then copied into a copy of that database, which is read only,” he said.
“So you can’t actually edit that file apart from us copying into it. And then we back up the data every hour.”
BGL’s Simple Fund 360 is set to go live on 19 March.
