POWERED BY MOMENTUM MEDIA
GBST enter gateway market
GBST will enter the SuperStream gateway market after developing its own gateway functionality and landing a major institutional third-party client.
Development began late last year, GBST head of quantitative data services Kathy Taylor-Hofmann and includes built in components suitable for the full Superstream gateway service or stand-alone operations.
"We've got another client coming on board that's just taking one component as opposed to the whole thing," she said.
The gateway is still under development and is due to be completed by the 1 July deadline.
SuperStream implementation is expected to reduce the cost of manually processing transactions from between $5-10 to between 5-15 cents, according to Treasury. It said the superannuation industry processes more than 100 million transactions annually.
Last October, the Minister for Financial Services and Superannuation, Bill Shorten, said the industry had estimated SuperStream savings would reach $1 billion per annum.
The SuperStream Advisory Council has been working through the nuts and bolts of the gateway process in order to have the system operational by 1 July when super funds and other third party providers need to be tied in to a gateway to send and receive rollovers.
"It's good for the super funds to know that there's such a proactive collaborative approach among the industry players and Government to make sure that they're safeguarded," Taylor-Hoffman said.
"The main thing that they've got to understand is it all stems back from Cooper - it's all about making the back office efficent and it's something that the industry's wanted for a long time and this time, it really looks like it's going to happen."
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
