Managing the Integrity, Security and Efficiency of the Australian Superannuation Transactions Network
Superannuation plays a crucial role in coping with Australia’s ageing population. Superannuation funds under management have grown from $140 billion in 1992 to $2 trillion today. Maintaining confidence in the integrity, security and efficiency of the Australian superannuation system is a critical issue for employees, employers, industry and government alike.
Established in September 2016 following a transition from the Australian Taxation Office, the Gateway Network Governance Body is an industry-owned, not-for-profit organisation whose purpose is to manage the integrity of the Superannuation Transactions Network, which is the network created by the gateway operators who transact superannuation data under the SuperStream Data and Payments Standards.
The SuperStream standard is part of the government’s Super Reform package. Its purpose is to provide a consistent, reliable electronic method of transacting linked data and payments for superannuation. The goal is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollovers and contributions and reduce the number of lost accounts and unclaimed monies.
The role of GNGB is to promote the efficiency, security and effectiveness of the network, monitor compliance, support change and work with the gateways and industry on initiatives that support these objectives. It was established out of the SuperStream reform program by its industry co-sponsors:
- Association of Superannuation Funds of Australia (ASFA)
- Australian Business Software Industry Association (ABSIA)
- Australian Institute of Superannuation Trustees (AIST)
- Financial Services Council (FSC)
- Gateway Association and Transaction Exchange (Gate)
The Gateway Operators comprise a range of different types of organisations, including clearing houses, payroll services, specialist data management providers and self-administered superannuation funds, serving a range of client types. Current accredited Gateway Operators are:
- LUCRF Super
- Rockfast International
- Westpac Institutional Bank
Following confirmation of our appointments last month, our newly constituted GNGB Dispute Resolution Standing Panel held its induction meeting today (8 August 2017) at the GNGB's new offices in Tower 3, Barangaroo in Sydney.
I look forward to contributing to the work of the Panel alongside GNGB's inaugural Executive Officer Sarah O'Brien, independent Chair Jan McClelland, and my fellow Dispute Resolution Standing Panel expert members:
- John Kennedy, Solution Delivery Manager, CBA
- David Delaney, Project Manager, Direct & Employer Operations, ANZ
- Michael Quinn, Managing Director, QMV Solutions
- Tim Buskens, Chief Operating Officer, ASFA.