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IFF asks funds to join eRollover Hub
The Industry Funds Forum (IFF) is inviting Australian Prudential Regulation Authority-regulated super funds to join its eRollover Hub for electronically processing superannuation rollovers following a successful trial.
REST, Sunsuper and Statewide Super have processed more than 850 rollovers between them so far on the hub, reducing the average cost per transaction from $12.50 to $0.40, according to Cuscal, whose ClickSuper payments solution underpins the eRollover Hub.
The system also reduces the disinvestment period for members’ funds to less than 48 hours, rather than weeks or months, according to Cuscal.
IFF executive officer Helen Hewett said the hub was an attractive solution because it required one single fee-free connection and was immediately available.
Other industry and public sector funds that will soon be using the hub include Vision Super.
Vision Super chief operating officer Peter Rowe, who is also chair of the IFF eCommerce Steering Committee, said the hub is standards-based and can scale effectively with volume and growth in participants.
Sunsuper chief executive Tony Lally said the system speeded up payments processes, reduced waiting times for members who were switching funds, and improved operations.
“Simplifying the transfer of money between funds has also benefited investors by allowing them to more readily combine multiple accounts, ultimately saving them paperwork and fees. And these benefits will only multiply as more funds take part in the project,” he said.
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