Australian software solutions provider Class has joined forces with British banking group HSBC to support the growing demand by self managed super funds (SMSF) for international assets.
The new HSBC data feed will allow Class to receive a direct-connect data feed from the bank’s savings, transaction and term deposit accounts in its wealth accounting software for SMSF and non-SMSF portfolios.
Class said that the direct-connect data feeds will allow automation of data entry, while improving productivity for accountants and advisers.
Class CEO Kevin Bungard said it would improve SMSF administration for funds with HSBC accounts and strengthen foreign asset support in Class.
He added that in February 2015 Class was the first in the industry to offer fully automated general ledger accounting for international shares and foreign currency support for SMSF and wealth accounting.
“The need for accountants to support SMSFs investing internationally is a continuing trend. HSBC’s offering is a great example of the products that SMSF trustees are taking up and Class is thrilled to add them to our data feeds list.”
HSBC head of wealth Scott Ellis said: “HSBC is pleased to be working with Class to bring a much needed and simple foreign exchange account solution for SMSF clients and accountants.”