SYDNEY, 24 May 2010: Cuscal has been chosen as the payments and processing supplier to a pioneering ecommerce hub for managing superannuation rollovers by the Industry Funds Forum (IFF), who today announced its pilot to facilitate the transfer of rollovers between superannuation funds.

The IFF pilot is the first of its kind in the industry, and will initially involve five funds including: REST, Sunsuper, Statewide, Health Super, and a leading government fund. A second group of funds are expected to join it in the September quarter, and other retail and public sector funds, as well as industry funds, are also being invited to join the IFF pilot.

Adrian Lovney, General Manager, Cuscal, said: "We are delighted to be supporting the IFF in leading the superannuation industry with an efficient online system that handles transfers between superannuation funds. This will ultimately improve the service offered to members of those funds involved, by simplify the processing of rollovers, speeding up the reinvestment of superannuation money for members, improving data accuracy, and making it easier for members to find lost superannuation money."

Cuscal's ClickSuper ecommerce platform, the system supporting the IFF pilot, facilitates the online transfer of funds and matches payment data with the payment itself. The program will offer significant time and cost savings for funds, and quicker reinvestment of member's money, by allowing superannuation funds to migrate away from the current system of cheque-based transfers.

The IFF's ecommerce rollover pilot is the first industry-based initiative in keeping with Jeremy Cooper's recommendations to the Australian Government to improve the efficiency, structure and operation of Australia's superannuation system. At the recent Conference of Major Superannuation Funds (CMSF), Mr Cooper described the shift away from manual, cheque based administration towards electronic, online administration of superannuation as the "low hanging fruit" that could be addressed by the industry.

Cuscal's ClickSuper products, incorporating technology patented by Payment Adviser, offer benefit by:

• Reducing the amount of time it takes to process rollovers and contributions from two - four weeks to less than three days on average, significantly reducing the non-investment period for members;
• Reducing operational costs via the introduction of an electronic system as opposed to manual, cheque-based system;
• Improving data collection and integrity, with the ability to include standard forms and/or limitless data fields together with payments, including name, date of birth, tax file number, and email address.

About Cuscal
Cuscal is a leading business-to-business provider of wholesale banking and transactional banking services in Australia. Servicing more than 100 specialist retail financial institutions, including the majority of Australia's credit unions, Cuscal processes more than 100 million electronic banking transactions each year and manages the assets of a customer base with a collective balance sheet of more than $30 billion.

For more details on ClickSuper, please visit www.clicksuper.com.au.
Further information on Cuscal can be found at www.cuscal.com.au.

To arrange interviews or for further information, please contact :
Caroline Hendra
External Communications Manager
Cuscal
T: 02 8299 9267
M: 0412 491 574
chendra@cuscal.com.au