What is SuperChoice?
SuperChoice provides superannuation funds with a proven e-commerce solution for collecting and validating superannuation contributions from employers. It also provides straight-through processing (STP) into superannuation fund administration systems.
SuperChoice reduces the possibility of receiving poor quality information from employers by moving the fund's business and validation rules to the point of data entry. Further processing errors are eliminated by effecting straight-through processing into the fund registry system.
Employers are reassured that their compliance obligations are better satisfied and their employees monies are promptly allocated. By simplifying the employer superannuation remittance process, funds benefit from strengthened employer relationships and lower operational costs.
SuperChoice also provides comprehensive choice-of-fund processing capabilities to funds and their employers. Operating as a clearing service for the industry, SuperChoice takes a single contribution file or schedule from an employer and transfers the contributions and funds to the correct administrator, whether or not the receiving fund uses SuperChoice services. Choice transactions are processed at a fraction of the cost of the administrator manually handling contribution schedules and cheques and the employer gets a simple, single system for all contributions.
