National Australia Bank (NAB) has introduced superannuation clearing house NAB Super Pay for employers, ensuring it is compliant with new government regulations.
It is accessible to super fund, employer and self-managed super fund customers.
Through the online portal employers can make super contributions to multiple employee funds and self-managed funds without having to process multiple data forms and making separate payment transactions.
The portal will also help employers become compliant with SuperStream regulations, which come into force in November.
NAB general manager wholesale wealth Nathan Gooley said employers can send in their super contributions using file extracts from their payroll system.
The super industry processes over 100 million transactions per year at a cost of about $3.5 billion.
