Superannuation, Technology

SuperConcepts adds open banking service

SuperConcepts open banking

SuperConcepts has announced a partnership with SISS Data Services to provide open banking services to its clients.

SuperConcepts has chosen ACSISS, offered by SISS Data Services, as its open banking partner for SMSF administration solution SuperMate.

According to the SMSF software provider, SuperMate will be integrated with ACSISS later this year and the move will simplify the process of establishing data feeds and provide clients with a secure open banking experience.

“We’re really excited about the potential of open banking and how it will make the SMSF data feed establishment process much easier for everyone involved – from administrators to trustees,” SuperConcepts chief technology officer Andy Forbes said.

SISS Data Services managing director Grant Augustin added that as a large provider of secure, bank-approved data in Australia, the firm will provide SuperMate users with direct data feeds from prominent retail banks.

Additionally, it will offer open banking access as an accredited data recipient under the Consumer Data Right (CDR), which is regulated by the Australian Competition and Consumer Commission.

“ACSISS My Data, our secure data solution, enables consumers to share their transaction data from around 100 banks and financial institutions with their trusted advisers, without sharing their banking passwords. Accountants and advisers with SuperMate will soon be able to create an automated, daily data feed from ACSISS Adviser into SuperMate,” Augustin said.

Open banking was first introduced in Australia in 2019 when it was implemented through the enactment of the CDR legislation. This regulatory framework requires banks and other financial institutions to enable consumers to securely share their financial data, previously held exclusively by banks, with authorised third-party providers.

SuperConcepts started its journey towards open banking in the SMSF sector in 2020 when it acquired supporting accreditations.

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