Specialist financial technology company GBST has announced it has the ability now to process SMSF rollovers into an Australian Prudential Regulation Authority (APRA)-regulated superannuation fund as part of the SuperStream system.
Modifications to the GBST SuperStream Gateway have enabled the capability for rollovers for any SMSF service providers using this automated facility.
Specifically, the technology firm can now process transfer requests from SMSFs due to the inclusion of validation services that allow connection to the ATO, and the leveraging of existing messaging functionality in SuperStream Gateway.
“We’ve leveraged our strong experience in developing our SuperStream capability and collaborated with our clients to define user journeys, messaging flows and ensure appropriate validations. The introduction of supporting rollovers for SMSFs will allow for this information to be exchanged in an efficient, standardised and improved manner,” GBST Asia-Pacific retail wealth executive manager Damien DiPietro said.
“We are currently working with a leading SMSF vendor to implement the Gateway functionality and look forward to working with other SMSF organisations to deliver legislatively compliant solutions for them as well.”
According to GBST chief executive Robert DeDominicis, the development is an illustration of the software organisation’s ability to assist clients with their compliance requirements stemming from legislation changes.
“This new SMSF rollover functionality delivers straight through processing, is in a standardised and consistent format, improves accuracy of message delivery and minimises compliance risk,” DeDominicis said.
“We see SMSFs as an important part of the Australian financial landscape so are pleased that our products can support them.”
The ability for SuperStream Gateway to facilitate SMSF rollovers has come earlier than scheduled, with the functionality originally planned for market release on 31 March.
Current legislation dictates information must be provided to a receiving fund within three days in a standard messaging format using the SuperStream data and payments standard should a superannuation benefit rollover between an SMSF and an APRA-regulated fund take place.
The enhancement of SuperStream Gateway is an additional service GBST has provided for SMSFs, with its My Mailbox offering, which allows trustees to receive contribution information from employers so they can be SuperStream compliant, also available to the sector.