Super Data Exchange (SDX)
Superannuation Contribution Processing
The SDX is SuperChoice's latest enhancement to its superannuation clearinghouse. The SDX provides funds with straight-through processing (STP) capabilities. It eliminates rectification costs of incorrect contributions and guarantees fast and secure delivery of reconciled data and payments via EFT.
Many funds struggle to consistently allocate monies after receiving contribution information by email (EFT) or post (cheque). When data goes missing monies are often left unallocated resulting in costly errors and delays. A report by Ernst and Young estimated administration costs due to inefficiencies is at least $130m per annum.
The SDX aims to solve this problem. Via secure log-in funds can embrace the benefits and simplicity of using the SDX to view contribution information from employers online to help identify problems. The functionality enables funds to give employers feedback online to initiate prompt error rectification and reduce payment rejections.
Funds can securely log into SuperChoice's SDX's web site to download aggregated information relating to choice contribution payments to:
- Ease reconciliation
- Automate data capture and matching
- Trace individual payments
- Access various management reports
- Correct information
- Apply feedback to employers
SDX Feedback Mechanism
This enables fund receiver's to :
- Correct member numbers
- Populate employer numbers for future transactions
- Correct incorrect product selections
- Become aware of basic contact detail changes
- Advise changes to member fund details
SDX electronically links the employer and the choice fund administrator in the end to end process of paying and receipting choice contributions. This helps get it right first time and save considerable time and cost.
The SDX technology is already in use by some of Australia's largest superannuation providers to streamline their superannuation choice transactions.
SDX Benefits
- Daily aggregated contribution remittances in an agreed format
- Transparent electronic display of Choice transactions
- Electronic receipt of TFN's
- Speedier allocation of monies
- Feedback mechanism direct to Employers
- Electronic member pre-registration
- Increase likelihood of STP on future transactions
- Improved levels of automation
- Reduce operational risk
- Improve certainty of payment settlement
- Increase transparency
- Flexible reciepting process
I no longer cringe everytime superannuation comes around.
Carmel Bull, National Payroll Manager, WORKFORCE