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Industry moves to paper free super system.



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No.019

Monday 4th April, 2005

INDUSTRY MOVES TO PAPER FREE SUPER SYSTEM

Employers will benefit from a move towards ‘paper-free’ superannuation transfers with the launch of an industry standard that will help to streamline payments and reduce administration costs for businesses.

The superannuation and managed funds industries today launched the ‘Superannuation, wealth and investment management Electronic Commerce’ initiative (SwimEC). SwimEC aims to standardise electronic superannuation transfers and make it easier for businesses to pay their employees contributions electronically.

“SwimEC will promote the development and adoption of industry-based message standards for electronic commerce in the superannuation, wealth management and investment management environments,” Federal Assistant Treasurer, Mal Brough, said at the launch today.

“When a person uses internet banking they can transfer money to other banks and pay bills to any number of businesses or financial institutions because the information they are sending is compatible throughout the industry. SwimEC is about achieving the same standard for the transfer of superannuation information and payments.

The industry has consulted with the Australian Taxation Office and commercial partners to create this consistent, user friendly approach for, amongst other things, paying employees’ superannuation contributions electronically or using BPAY.

“Today’s launch is a great example of what can be achieved when industries, government agencies and commercial groups work together. This is another milestone on the road to super choice,” Mal Brough said today.

“This complements the work being undertaken by the Government to ensure a smooth transition to super choice by minimising the impact on businesses, while maintaining the principles of choice for the individual.”

Contact: Carlie Hogan (02) 6277 7360

© Commonwealth of Australia 2000