According to CFS, small and medium enterprises (SMEs) now have the ability to pay superannuation contributions in “just a few simple clicks”, using the same process as depositing salaries into their employee accounts.
The enhancements include a new payments page that gives employers the ability to key in how much super to pay and select the type (i.e. employer superannuation guarantee), a new confirmation page and a system to easily differentiate between employees with the same name, CFS said.
CFS acting general manager of products and investment Sam Wall said Essential Super is a product designed to make it simple for customers to meet their superannuation obligations by making the payments process easy and quick.
“CBA is the first bank to enable business customers to set up employer sponsor super arrangements completely online, including the set-up of employee accounts,” said Mr Wall.
“This product is a game changer in that it is one of the first business superannuation products that can be set up entirely online in NetBank, no paperwork required,” he added.
Mr Wall said NetBank has become a “hub” for SMEs, which allows them to manage their employee obligations.
