National Australia Bank (NAB) has introduced a new superannuation clearing house to simplify superannuation payments for employers ensuring they are compliant with new government regulations.
Dubbed as NAB Super Pay, the SuperStream-compliant online portal will be accessible to super fund, employer and self-managed super fund customers.
The online portal will allow employers to efficiently make superannuation payments to multiple employee funds and self-managed funds without processing multiple data forms and making separate payment transactions.
According to NAB, the super industry processes over 100 million transactions per year at a cost of about $3.5 billion.
Additionally, NAB Super Pay will also ensure that employers become compliant with the Federal Government’s SuperStream regulations, which come into force in November 2014.
Nathan Gooley, general manager, wholesale wealth, NAB, said: "NAB Super Pay is a key pillar of NAB’s investment in developing simpler products for Australian business navigating the often complex world of superannuation regulation and reform.
"We understand the complexity and diversity of our super fund clients, so we’ve developed a seamless approach to connecting you with the right resources. The platform recognizes that no customer is the same, so employers can submit superannuation contributions using file extracts from their own payroll system," he added.