We're ready for your digital future
Continual investment in technology, cloud-based API’s and security means we’re well placed to support your digital transaction needs today and tomorrow.
A note from Stuart Korchinski, SuperChoice CEO
In a few years we’ll look back on 2019 and see how pivotal it was in SuperChoice’s promise to build a digital future. Change that's necessary because of the Government’s accelerating digital transformation agenda, reforms arising from the Financial Services Royal Commission and our desire to make it easier for our customers.
But right now, we’re in the thick of it.
Well and truly focused on delivering better experiences for customers. Seeking ways to solve problems customers encounter when trying to do their job.
Our development pipeline is full of initiatives that make admin easier, not harder for customers.
Single Touch Payroll (STP) sees our solutions reach more people outside of our traditional Superannuation Clearinghouse customers. More employers and payroll solutions use our services. And that’s a good thing. It presents an opportunity to introduce new ways of doing things and join the dots between functions that have previously been separate.
Making it easier to manage payroll, pay super, pay employee distributions and report on STP from one place.
We’ve built our solutions with the intent to scale. More customers benefit from a seamless, straightforward digital experience. Secure in the knowledge that our platform adheres to the ATO Operational Framework, has been recertified against ISO 27001 and will soon have a more advanced, user-friendly authentication method.
Below is a wrap of the year's achievement and what's next.
2019 Achievements
Embedding Single Touch Payroll
Although Single Touch Payroll went live in 2018 many companies deferred delivery to 2019. Our robust solution was supported by a superior test environment that helped our customers have a smooth first submission with very few, if any, errors.
ATO Success Rate 99.85%, which is above industry average
Being flexible in our delivery approach meant we could support a seamless experience within their payroll software, or a hybrid approach where we automatically uploaded STP payroll extracts into our EmployerPay portal. Enhancements to our Superannuation Clearinghouse services
Our SuperStream Clearinghouse solution benefited from investment too. And we have seen continued growth with several new partners coming on board over 2019. Custom files and data enrichment rules Employers can now automatically load custom files to our portal and partners who provide our solution to their employers can configure their own file types and create custom data enrichment rules. This significantly improves employer onboarding and allows partners complete control of complex employer needs.
Improved auto matching of money and data
Auto matching of money to data regardless of receiving a correct PRN. This means money gets allocated to accounts faster and refunds get issued on time. Single Sign-On support Advanced user authentication enhancements were implemented. Removing the need for employers to continually log-on when they are operating in their own secure environment.
Member file uploads outside of contributions Employers can enrol employees in super funds and upload member data independently of the contribution process.
Easily download client data Employers can create files in their own format to feed the data back into a payroll system or help them reconcile their data after changes.
Improved auditing and employer maintenance Auditing improvements to user and employer maintenance with the ability to download employer and user data.
Enriched validations to retain key information Key data such as fund or employer details no longer need to be supplied in an upload file. The system remembers the data and enriches the submission automatically. Advanced reporting and validations introduced We’ve seen an increasing need to deliver more robust reporting that covers the needs of fund administrators and government reporting bodies. Life Insurance Data Exchange (LIDEx)
LIDEx is a solution we’ve developed to help super fund trustees capture reliable claims and premium information about their members so they can better meet their superannuation prudential standard requirements.
We are progressively implementing LIDEx with one of our client partners to test and refine how it works to great success.
Our solution provides more reliable information which means a more accurate risk assessment for insurers. AllPay We’ve added a payment solution that works with payroll systems. Making it possible to pay employee distributions at the same time you pay super and salaries.
Global expansion plan
Our global expansion plans are progressing well. Especially with our largest UK client renewing for another 10 years and an opportunity to participate in the Hong Kong eMPF initiative and New Zealand on the table.
We’ve also just partnered with Nambawan Super in Papua New Guinea - the Federal Government Employee Super plan. We will provide their employers with our enrolment and contribution payment portal solution as part of their digital transformation agenda.
Industry involvement Participating on various committees and governance bodies is a role we take quite seriously.
Our aim is to develop standards that represent all parties:
- cleaner and more complete data
- safer transactions
- high standards of security
- seamless administration
- robust and transparent reporting
Community involvement We’re proud to have sponsored and participated in a number of community events and conferences this year including: - Women In Super Golf Day - The Association for Payroll Specialists Conference - Full Stop Foundation Fundraising event - Australian Business Software Industry Association – Digital Business Event - ASFA Conference Make sure you follow us on LinkedIn to stay in touch.
The year in numbers
What's next? 2020 is shaping up to be just as impactful for our customers. With the big-ticket programs being:
E-invoicing solution Now legislation is passed we’re watching with interest and keeping across the ATO requirements.
Roll-out of LIDEx
After the success of the LIDEx implementation we’re aiming to roll this out to more of our customers and extending the solution to health insurers.
Tackling the on-boarding problem
We’re working on a solution that makes the onboarding process easier for new employees and helps Super Funds welcome new members earlier.
STP2
The next phase of STP implementation is on the way and we’re scoping the requirements ready for build in 2020. Plus many more enhancements are planned to solve compliance and admin headaches for users of our solutions. Stay tuned.
Thank you for your support
I’d like to say a big thank you to our partners for their continued support and long-standing relationships with us.
It is a great responsibility and privilege to provide important SaaS solutions to your clients and teams.
And of course, a massive thanks to our dedicated team who strive to make things better for partners and customers.
We know the future is digital and promise to continue to look for ways to extending our transaction platform to solve more of your digital needs next year.
Stuart Korchinski SuperChoice CEO
