Funds

The Superconnect online Superannuation payment Clearing House can be illustrated in the diagram below.

This platform allows the Employer to initially register and make amendments, set up members and make amendments, make contribution payments to any superannuation service provider (including DIY Funds) and maintain all of this history in their log in session.

Superconnect is a complete end to end electronic processing and clearing house solution which has a number of benefits for administrators. These include:

1. Elimination of paperwork via electronic delivery of contributions and payments;
2. Faster turnaround time for processing of contribution information;
3. Validation of data at the point of submission;
4. Full audit trail capabilities for ease of reconciliation;
5. Reduction in errors - no transposition of entry errors;
6. Reference ID for reconciliation of contribution advice with fund bank account;
7. No additional software is required to implement the service;
8. Online acceptance of registration and bank account details;
9. Significant reduction of labour costs by 70%.

Superconnect is a highly reliable, scaleable, business processing outsourced (BPO) solution at a competitive price.

Superconnect is designed to enable multiple employers to pay multiple superannuation funds for multiple employees with a single click of a mouse button. It is a many-to-many online system.The functions include :

• Funds Maintenance
• Registration
• Contributions
• Payments
• MultiSuper Employer Interface

Superconnect sources and maintains the superannuation fund information and product information so that an employer can easily ensure that he/she has the correct fund name for the employee. A Fund List file is sent to the provider/aggregator, normally a payroll provider, or a superannuation fund web page, so that the employer can cut and paste the fund name into the on-line application. This ensures that Superconnect accurately matches the data and ensures that the correct money and data is sent to the correct fund.

We also maintain that this list of funds are complying funds under the SIS Regulations.

The provider/aggregator registers or authorises an employer to use the system. This is an electronic process and avoids unnecessary re-keying or data entry. Once a registration is accepted, the system generates a registration file which is sent electronically to Superconnect. This file is in an agreed format.

Contributions

When an employer makes a contribution another electronic data file is sent to Superconnect's Clearing House. This file contains all relevant information about the employer, the employee and the fund together with the type of superannuation contribution and the amount. The employer’s bank account details are also included so that a direct entry file (a direct debit file) can be created.

Superconnect is designed so that a Direct Entry file can be sent straight to the bank. Alternatively, it can be generated and sent to the provider for execution.

Once the funds have been cleared, Superconnect generates a second Direct Entry file and credits funds with the payment and generates a contribution advice file which can be electronically collected by the fund and entered into the funds’ administration systems.

Where funds cannot receive electronic data, Superconnect can also create and print cheques and mail these together with a paper contribution advice to the relevant fund.

A provider has access to the data flowing through Superconnect via a provider interface, which is a read only web interface which enables customer service and finance personnel to monitor what is happening in the system and for reconciliation purposes. This functionality for a help desk can either be performed by the provider or Superconnect can take on this function at an agreed pricing.

Many superannuation funds, or their administrators, do not have a web based online superannuation collection system. Some do have an interface, but the interface is designed mainly for small and medium sized enterprises, thereby providing limitations on the number of companies that can provide data electronically.

Superconnect has designed a new employer web interface that combines the online data validation and payment capabilities of its signature Superconnect product, together with the flexibility required for choice of fund.

Superconnect has a number of features:

• On line registration by the employer
• On line registration of the Direct Debit / Credit Request
• Employers are able to Create new members with online validation customised to the requirements of the superannuation fund
• Employers are able to advise of termination of members
• Employers are able to upload a payroll file, reducing the need to re-key data;
• Contributions history is viewable
• Member information can be changed
• Employers can make a single payment for all employees for multiple funds
• Handles multiple types of superannuation contribution
• Can Conform to the existing superannuation industry agreed standards, SuperEC
• It requires only an internet connection and a web browser to operate
• It is highly secure using Bank strength 128 Bit encryption.
• Employers can submit changed bank account information and a different DDR online in a secure manner
• Provides for employer self service and management of employer access accounts.