The Babel financial messaging application is now certified to lodge superannuation tax file number (TFN) integrity check (Super TIC) transactions, as required by the government’s super reforms.
“Our position as a key provider receiving early certification stands testament to our commitment to helping our clients meet the complex SuperStream obligations, specifically data message management,” Bravura’s chief operating officer APAC Jason Tong said.
“We endeavour to maintain a position at the forefront of regulatory change to ensure our clients are supported and can make the necessary transitions in as smooth and efficient a manner as possible.”
Bravura’s Babel system allows funds to validate a member’s TFN and accompanying details against the ATO’s client register.
This fits with regulations that require all APRA-regulated funds and retirement savings accounts (RSA) to validate member details before processing a rollover request.
“It is pre-integrated with Bravura’s superannuation administration and contributions systems, and integrated with third party administration and workflow systems to support complex client environments,” Bravura said.
“Babel is a mature and proven solution that enables Australian superannuation funds to comply with SuperStream messaging requirements.”
