SuperEC and MFundEC merger confirmed

TheAssociation of Superannuation Funds of Australia(ASFA) has confirmed an exclusive report fromMoney Managementover a week ago that the SuperEC and MFundEC electronic commerce programs are to merge.

A new program - the Super, Wealth and Investment Management Electronic Commerce (swimEC) initiative - will amalgamate the two projects and effectively replace them.

SwimEC is a funds management industry consortium, made up of ASFA, theInvestment and Financial Services Association(IFSA), theFinancial Planning Association(FPA) and the Association of Payroll Specialists.

TheAustralian Taxation Office(ATO) is also part of the consortium, representing the regulatory agencies operating in the wealth management space.

The swimEC initiative will continue the work of its predecessors, in promoting the development and adoption of industry messaging standards for electronic commerce with the aim of increasing industry cost efficiencies.

AsMoney Managementreported in its July 3 edition, the merger is designed to end the exploratory period of the projects and enter an implementation phase.

ASFA’s swimEC representative Michaela Anderson says the new project effectively creates a governance structure for the development and maintenance of messaging standards across the whole superannuation, investment, and wealth management community.

FPA chief executive and its representative on swimEC, Ken Breakspear, says the FPA can see immense benefit in linking financial planners and dealer groups into an overall effort to lift the take-up of electronic commerce.

IFSA chief executive Richard Gilbert says the initiative will help drive a more timely response to market and regulatory changes in an increasingly fluid and dynamic superannuation and investment environment.