AMP to use super contribution hub
AMPhas agreed to implement hub provider InvestmentLink’s SuperChoice contribution hub, enabling the insurance giant to receive direct superannuation contributions from employers over the Internet.
To be re-branded AMP eSuper, the web service will collect and validate employer sponsored superannuation contributions for AMP’s CustomSuper and Flexible Lifetime — Superannuation products.
AMP director of corporate superannuation Greg Healy says AMP eSuper will also help with other key transactions such as adding new employees and exiting employees via the Internet.
“This will allow payments to be allocated to member accounts earlier and will reduce the administration time required for employers to undertake previously manual processes,” Healy says.
AMP says eSuper is likely to be live by the end of September 2003, and that both large and small employers will be able to access the straight through processing tool.
Healy says that AMP, in talking to clients about the upgrade, found that businesses were enthusiastic about streamlining their businesses and so expects the take-up of the service to be strong.
He says that AMP will aim to convert customers over from existing arrangements to the new process over the next 18 months.
Director of superannuation services Patrick Martin says that the service aims to reduce AMP costs and increase customer service levels in order to maintain a competitive lead in the market.
SuperChoice has been operational for four years, processes contributions for over 600,000 members and is growing at a rate of 24,000 members a month.
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