The superannuation industry will inevitably move towards online systems for the management of contributions and rollovers, regardless of the final outcome of the Cooper review, according to a leading Australian wholesale banking service provider.
"No matter how the final recommendations of the Cooper review are embraced universally, employers, superannuation funds, administrators, and payroll providers will naturally start to move towards electronically based systems because of the cost savings, efficiencies and reinvestment benefits they bring," Cuscal general manager Adrian Lovney said.
Cuscal is currently in talks with a number of superannuation funds about the ClickSuper products it has developed with Payment Adviser.
The product provides a platform for online management of superannuation contributions and rollovers.
"Our ClickSuper products can bring Mr Cooper's vision for superannuation to be paid to the right member, in a simple and timely fashion without the need for manual handling, to reality today," Lovney said.
According to a Cuscal spokesperson, it is in discussion with superannuation funds about a white label contribution solution and a solution for rollovers.
"We already process payments to 200 funds as volumes ramp up with payroll service provider AussiePay," the spokesperson said.
The opening session of the Conference of Major Superannuation Funds (CMSF) in Brisbane this week called for an overhaul of the back-office technology systems used to administer Australian superannuation funds.
According to media reports Medicare has been earmarked to become a giant financial transactions clearing house.
