Payment Adviser’s unique remittance referencing and linking payment model was introduced in 2009 to transition traditional cheque and paper-based payment processes for Australia’s AUD$1.4 trillion superannuation (pension) industry to electronic commerce.

In 2009, payment of monthly compulsory superannuation (pension) payments from employers to individual employee member accounts before investment was taking an average of 21 working days.

Respected actuaries Rice Warner Actuaries, headquartered in Sydney Australia, were asked to review the ClickSuper model and estimated at the time that:

• The model would automate payment processing for employers and reduce time to account allocation and investment for employee fund members to less than 5 working days.
• The model would reduce superannuation industry fund administration costs by AUD$4.6 billion over ten years if automatic contribution processing based on the model were introduced.

The Australian Federal Government is about to introduce legislation that mandates the use of electronic contribution payments and fund rollovers, modeled on electronic remittance data exchange, to more than 450 superannuation funds