Forty-seven superannuation funds representing more than four million members have lodged the first electronic reports to APRA, as part of the new reporting standards outlined in the Stronger Super reforms.
Superannuation administrators AAS and Link Super worked with technology solutions provider Orient Capital to meet the 28 October due date for APRA reporting.
From the September quarter, APRA substantially increased the information required to be reported by superannuation funds while reducing the time funds have to report.
Orient Capital chief operating officer Paul Gardiner believes a complete electronic end-to-end solution for APRA reporting has not been achieved by any other superannuation administrator.
“By using Orient Capital’s miraqle platform, we have been able to load and validate large amounts of complex accounting, investment and trustee information and lodge via APRA's electronic reporting portal. Funds now have access to all their data and can sign-off via the miraqle platform, making the process completely electronic,” he said.
Prior to this electronic solution, reporting to APRA was a manual process involving spreadsheets.
However, with the increased requirements and tighter deadlines of Stronger Super, manual processing of data to report to APRA would be an unsustainable solution, Gardiner said.
For this quarter, Orient Capital electronically reported for 47 superannuation funds, drawing information from three administration systems, three accounting systems, four custodians and multiple asset managers.
Key requirements from superannuation funds using electronic APRA reporting were usability, traceability and auditability.
The group will continue to develop its electronic reporting solution to meet future obligations, said Gardiner.
“We’ve worked very closely with the senior technical staff at APRA throughout this journey with a significant amount of end to end testing undertaken to ensure the best possible outcome for our clients.”