SuperStream is an Australian government-mandated standard for processing superannuation data and payments electronically. Superstream enables superannuation contributions and data to be sent from employers and payroll providers to super funds—and between super funds and the ATO—in a standard electronic format.
SuperStream provides greater accuracy and efficiency, and allows super contributions to be made in a single transaction, even if they are going to multiple funds.
SuperStream must be used by:
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In the latest in a stream of firsts, Zepto has uplifted its payment messaging so that it is SuperStream compliant. This now unlocks Zepto's best-in-class payments infrastructure for superannuation payment flows on both the BECS or NPP [real time] payment rails.
More than just being fast, real-time superannuation payments offer several benefits:
1. Faster processing
Real-time superannuation payments provide near-instant processing of super contributions, which means employers can make payments to their employees' superannuation accounts more quickly.
2. Improved accuracy
With real-time processing, there is less chance for errors as data is processed electronically in real-time. This reduces the risk of payment delays or incorrect payments.
3. Enhanced visibility
Real-time superannuation payments provide employers with up-to-date information on the status of their employees' superannuation contributions.
4. More control
Employers have more control over their superannuation payments as they are able to track and monitor contributions in real-time.
5. Improved compliance
Real-time superannuation payments can help employers meet their compliance obligations by ensuring payments are timely and accurate.
Overall, real-time superannuation payments offer several benefits for both employers and employees, including faster processing times, enhanced accuracy, improved visibility and control, and better compliance with regulatory requirements.
Before the advent of SuperStream, employers could pay their super guarantee payments by methods that included cheques or paper remittances. SuperStream modernised the process of administering superannuation payments, allowing all contributions remittances to be processed in a single transaction, even when going to multiple funds.
And now, employers and their payroll providers can power real-time superannuation payments with Zepto.
Real-time payments are fast — supercharging cash flow and speed-to-wallet — and loaded with data for instant reconciliation that brings its own suite of back-office efficiencies.
Real-time payments can transform business operations by enabling more accurate, timely, and proactive liquidity management.
And by enabling payments experiences that customers like, real-time payments can take customer experience to new heights.
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