Class Super adds Commonwealth Bank and NAB
SMSF administration software developer Class Super has added the Commonwealth Bank and National Australia Bank to its automated data feeds, enabling it to 18 of the top 20 Australian financial institutions as providers.
Class Super, which is owned by Class Financial Systems, describes itself as the first company to introduce fully automated, cloud-based, data feeds to Australia – allowing self-managed superannuation fund (SMSF) administrators, accountants and adviser groups to access accounts data from financial institutions in real time and at no extra cost.
Class Super chief executive Rajarshi Ray said fully-automated data feeds allowed SMSF administrators to perform complex fund processing, including fund compilation, reconciliation and tax returns in hours.
"SMSFs account for almost 40 per cent ($420 billion) of the funds under management in the Australian super sector. It’s difficult to imagine this volume of assets being managed with out-of-date, manually-entered data," Ray said.
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