logo-loader

Integrated Payment Technologies to speed up superannuation payments

Published: 16:30 23 Jan 2017 AEDT

shutterstock_121319428
Integrated Payment Technologies to speed up superannuation payments

PayVu reduces the transaction time of superannuation payments made through clearing houses from the average of 4.2 days currently, to the same day.

Australian small businesses which operates cloud-based accounting software can benefit from InPayTech’s software overlay system.

PayVu is aiming to improve the cumbersome system currently employed by many of Australia’s 700,000 small to medium enterprise (SME) employers.

The technology not only removes the ‘middle man’ of clearing houses, but adds immediate efficiency and security to the direct payment of employee super entitlements.

Interestingly, there is a potential dollar benefit to fund members by having their retirement savings monies invested in their super account 4.2 days earlier.

Additionally, in the event of monies being returned from the superannuation fund the payment would be paid to the employer’s bank account.

The introduction of this system is expected to have far-reaching efficiency benefits to Australian small employers.

InPayTech continue to explore other applications for PayVu technology beyond the superannuation sphere.

The company, which listed on the ASX last month, has also patented its payment process in other Asian countries namely Japan and China.

In the western world, patents are approved in South Africa and New Zealand and pending in the U.S., Canada, and Australia.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

7 hours, 51 minutes ago