Integrated Payment Technologies to speed up superannuation payments
Date Published: January 23, 2017
Integrated Payment Technologies (ASX:IP1) (InPayTech) has developed a unique software overlay system called PayVu that speeds up superannuation payments to the same day.
Integrated Payment Technologies (ASX:IP1) (InPayTech) has developed a unique software overlay system called PayVu that speeds up superannuation payments to the same day.
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.
Monday, 23 January, 2017 – proactiveinvestors Australia
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