DST Bluedoor, a leading global provider of IT solutions for the wealth management industry, today announced an enhancement to Bluedoor and its SuperStream solution that will provide organisations with the ability to act as an independent clearing house.
The new Clearing House capability will allow superannuation funds to receive a single contribution file from employers or multi-employer file and match multiple contributions against payment receipt records. Superannuation funds can operate a clearing house service, whether in their own right, through their fund administrator, or through a sub-contracted third-party service provider.
The Bluedoor SuperStream & Clearing House solution’s objectives include enabling the clearing house to process default and choice contributions, accepting new member registrations, and allowing single-file upload for both employers and multi-employer contributions.
According to Martin Spedding, CEO of DST Bluedoor, the Clearing House solution was developed to provide the required level of security, address all privacy requirements, and meet the clearing house standards put in place by the Australian Prudential Regulation Authority.
“All outbound communication generated by the clearing house to a Bluedoor enabled client or externally to a choice fund will be transmitted using SuperStream-compliant messaging,” says Spedding. “This functionality will make it easier for all organisations, whether employers, superannuation funds, or payroll providers, to meet their regulatory obligations that have increased dramatically with SuperStream regulations, MySuper, and employee choice of superannuation fund.”
The new solution was built based on DST Bluedoor’s extensive and proven experience developing superior software solutions for the retirement savings market.
Bluedoor SuperStream was developed and launched in 2013 in response to the Stronger Super reforms. Designed to be a complete messaging solution for superannuation providers to act as their own Gateway/Hub, Bluedoor SuperStream enables its users to send and receive compliant messages and connect with any of the SuperStream gateway providers with no interruption to the back office.
“Bluedoor SuperStream’s open-architecture design provides funds and service providers with a robust and scalable enterprise-wide solution that connects, mediates, and manages all messaging interactions in conformance with the new data and messaging standards,” says Spedding. “It’s extremely flexible and removes the need for organisations to depend on bespoke applications by delivering a complete and tightly integrated single messaging infrastructure.”
The Clearing House Solution is set to become operational July 1 this year when the additional new SuperStream requirements for contributions are rolled out for employers with 20 or more employees. The Bluedoor SuperStream and Clearing House functionality is available to Bluedoor customers at no additional charge and can be licenced as a standalone product to Bluedoor for institutions and funds not utilising Bluedoor as their registry system.