Sydney, 25 March 2011: Use of electronic payments platform, ClickSuper, provided by Cuscal, has proven to offer superannuation funds and their members significant operational and investment savings during the process of transferring superannuation rollovers.

Cuscal's ClickSuper product has underpinned the Industry Funds Forum's (IFF's) eRollover Hub for facilitating electronic payment of rollovers from fund-to-fund, in a manner that is in keeping with the Federal Government's SuperStream initiative.  The ClickSuper ecommerce platform links electronic data with electronic payment, and supersedes the need for a manual, cheque-based process.

REST, Sunsuper and Statewide, the first IFF funds to have used the Hub, have transacted more than 850 rollovers between them.  This collaboration has shown:

• Funds save $12.10 on average on the cost of processing each rollover:  The total cost of processing a rollover via the IFF eCommerce Hub is $0.40 from end-to-end ($0.20 for receiving fund and $0.20 for sending fund).  This compares to the average cost of $12.50 for processing a rollover via a manual cheque-based process, which has been the traditional practice in the industry.
• Member disinvestment time reduces substantially: It takes less than 48 hours to process a rollover via the IFF eCommerce Hub compared to weeks and even months for cheque-based transfers.  On the average rollover size of $9,500 invested at 4.5 percent per annum, $1.17 worth of interest is lost if the rollover money is out of the investment for two days versus $35.69 if it is out of investment for two months. 

The IFF, as part of the Conference of Major Superannuation Funds 2011 commencing this weekend, has invited all APRA-regulated funds to also collaborate via the Hub.  ClickSuper will continue to be the underlying payments engine.

David Heine, General Manager at Cuscal said, "We are proud to be involved in the IFF's groundbreaking initiative to improve efficiencies in the Australian superannuation system. By facilitating the electronic payments using ClickSuper, involved funds have demonstrated the benefit that can be returned to members in the form of quicker investment times and reduced operational costs."

NOTE: To see a demonstration of ClickSuper, please visit Stand 19 at CMSF 2011, which is being held on the Gold Coast from 28-30 March 2011.

For more details on ClickSuper, please visit www.clicksuper.com.au

To arrange interviews or for further information, please contact:
Caroline Hendra or Nidhi Kayastha
Cuscal
T: 02 8299 9267 / 02 8299 9203
M: 0423 842 967
chendra@cuscal.com.au / nkayastha@cuscal.com.au

Further information on the benefits of the Hub can be found in the IFF release.