InPayTech has launched a superannuation payment system, PayVu, that allows small-to-medium (SME) businesses to make same-day super payments to employees, bypassing third-party clearing houses.
The fintech firm said super payment requirements were the bane of small employers as the current system, which could be remedied with a new software overlay, was inefficient and old-fashioned.
InPayTech chief executive, Robin Beauchamp, said Australian businesses had struggled in the past with complicated processes and that the new system had been developed with issues of efficiency and practicality in mind, which Beauchamp said would benefit employees as savings could be invested promptly.
"PayVu not only removes the ‘middle man' of clearing houses, but adds immediate ease, efficiency, and security to the direct payment of employee super entitlements," he said.
"Small business may be the backbone of the Australian economy, but superannuation payment requirements are the bane of the small employer."
PayVu automatically linked data to each unique payment and the need for employers to manually match data to payments in their accounting software was also removed.
Citing current systems "cumbersome and inefficient", Beauchamp said the downstream benefits of improving payment efficiency would also have far-reaching effects, including full compliance with the government's SuperStream regime, and the development of a relationship between employer and employee's superannuation funds.
Moving forward, InPayTech would look to improve payments across the retirement space.
"[We are] focusing for the moment on making the payment of retirement savings far more speedy and efficient for SMEs," Beauchamp said.