GBST Holdings Limited (ASX: GBT), a global provider of securities transaction and wealth management platforms for the financial services industry, continues to innovate for the Australian wealth management and Superannuation industry with the announcement of a unique industry role.
GBST, the SuperStream Gateway provider for market leading Self Managed Super Fund (SMSF) service providers has delivered the first live SuperStream electronic choice contributions messages destined for SMSFs as of 4 August 2014.
GBST has continued its pedigree of industry firsts, by enabling SuperStream capability for market leading SMSF service providers such as Class Super and leading banks, from its role as the first technology provider to deliver electronic messages to the Australian Stock Exchange, first facilitator of SuperEC message standards for Straight Through Processing to a registry system, through to spearheading the Superannuation industry with SuperStream superannuation electronic data and payment messaging.
This initial SuperStream “cohort” which commenced live Contributions on 4 August introduced the first delivery of SuperStream-compliant contributions from Employers through to Superannuation Funds, including choice Contributions being specifically directed to SMSFs.
This milestone achievement is a reflection of the industry experience GBST and its development team have in understanding Australian messaging standards and how they are consumed. GBST has tapped into its thirty year history to predict and translate industry requirements into market-leading commercial solutions for the SuperStream initiative.
Rob De Dominicis, CEO of GBST Wealth said: “The go live of our SuperStream Gateway for facilitating SuperStream compliant contributions and delivery to the leading SMSF service providers is crucial for SMSF Trustees. This level of automation will contribute positively to Australia’s rapidly growing SMSF sector. Enabling safe and successful delivery of Contribution information to the SMSF sector is key to making SuperStream a reality for Employers.”
Courtesy of GBST’s Gateway, its Superannuation Fund, Bank and SMSF service provider clients have now completed the goals of the SuperStream programme to commercially process rollovers and contributions electronically.
As a key member of this initial GBST Gateway group, Class Super is now receiving contributions and processing through to end ledgers on behalf of its clients, well ahead of other industry players.
Kevin Bungard, Chief Executive of Class, said: “The ability for key players to collaborate and deliver innovative solutions like SuperStream is a great indicator of the technical capabilities within the SMSF sector. “
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