The Government has been "somewhat silent" on the way files will be transferred between superannuation service providers in the SuperStream environment, according to Bravura.
Bravura global head of product Darren Stevens used the analogy of a major public roadworks project to describe the current state of the SuperStream proposals.
"We’ve essentially standardised the road rules. That’s the [Streamlining Prudential Regulation] reporting framework that we are bringing out and making mandatory," Stevens said.
The next element is "building a four-lane highway between the cities" so that data can be transferred between the various service providers, he said.
"Finally, inside the cities there needs to be efficient traffic lights to route that traffic [ie, data] between the various parts of the cities," Steven said.
There is a concerning lack of detail in the SuperStream exposure draft about the way the "four-lane highway" will transfer standardised files between the services providers, he said.
"Those files will be large, and there will need to be an understanding about how the various systems will listen to the client that comes in, accept the file into their environment, and then route those files appropriately throughout their admin systems," Stevens said.
Bravura is currently working with its client base in Australia to develop solutions for the new environment, and is utilising its experience of the Retail Distribution Review regulatory changes in the UK to do so.
"It’s understanding how clients are going to send the messages and how they will automate their internal solutions that’s missing [from SuperStream] at the moment," said Stevens.
