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IFAA starts SuperStream processing
Brisbane-based Independent Fund Administrators and Advisers announced it has started processing SuperStream files received from the Westpac gateway.
Supported by Financial Synergy's Acurity platform, IFAA said it has processed over $500,000 in employer contributions to date, although it has run into a few glitches and processing mismatch problems.
Managing director Neil Harvey said a few factors resulted in exceptions and processing mismatches like member name changes due to marriage, and some items needing more investigation.
Financial Synergy CEO Stephen Mackley said: "We knew there would be a fundamental shift from having pure processing roles to knowledge workers responsible for investigating and resolving exceptions."
He said he wanted his platform to process most of the transactions directly, with support administrators then looking after exceptions.
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