National Australia Bank (NAB) has launched a new superannuation clearing house, NAB Super Pay, to simplify superannuation payments for employers and ensure they are compliant with new government regulations.
Built on an industry accredited gateway, NAB Super Pay is accessible to fund, employer and self-managed super fund customers.
Through the NAB Super Pay online portal, employers can easily and efficiently make superannuation contributions to multiple employee funds and self-managed funds without the time and effort associated with processing multiple data forms and making separate payment transactions.
Australia’s superannuation industry processes over 100 million transactions annually at an estimated cost of $3.5 billion each year.
NAB Super Pay will also help employers become compliant with the Federal Government’s SuperStream regulations, which come into effect in November 2014.
NAB General Manager, Wholesale Wealth, Nathan Gooley said NAB Super Pay was all about making superannuation contributions faster and easier for Australian business.
“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,” he said.
“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 recognises that no customer is the same, so employers can submit superannuation contributions using file extracts from their own payroll system.
“NAB Super Pay complements the full suite of superannuation products and services NAB provides, including transactional banking and custodial services.”
