Russell joins IFF eRollover Hub
The Industry Funds Forum (IFF) and Cuscal have moved to expand their IFF eRollover Hub to include Russell Investments as the first non-industry superannuation fund to join the collaboration.
The IFF eRollover Hub is aimed at reducing the cost of rollovers and increasing service to members.
Russell has commenced implementation of the rollover hub and will begin using it for rollover payments later in 2011.
Commenting on the move, Russell Investments director, administration and actuarial consulting service Siva Sivakumaran said the company had been looking for a solution that would help it improve its member service.
"By becoming an early adopter of eCommerce solutions through the IFF eRollover Hub, we will also come into line with the Federal Government's Stronger Super considerations by improving our back-end processes," Sivakumaran said.
"Russell recognises that to stay relevant in the superannuation administration space, we need to apply technology to automate processes. We have invested heavily into building electronic interfaces with our clients and their employer payroll systems to facilitate electronic dataflow for incoming membership and contribution data.
"The next step for us to improve member services further was to adopt the rollover hub. It allows us the efficient exchange of administration data with other superannuation funds," he said.
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