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Cuscal welcomes Government initiative on superannuation clearing house & announces super transaction solution

9 November 2009

Cuscal has welcomed the strong message by the federal Government that the war on superannuation red tape for small business has begun.

Cuscal has announced details of its business to business super contribution transaction solution, called ClickSuper.

ClickSuper summarised

Low Cost	Substantially less than current manual processes, including cheques or electronic payments, and all existing industry solutions.
Efficiency	Member funds invested up to six weeks earlier, eliminating lost investment time as manual methods are used to process member contributions

"We are keen to understand the full detail of the Medicare solution announced today. We look forward to continuing our dialogue with Government and their agencies on Cuscal's unique low-cost transaction solution which we believe delivers a strong, smart technology fit for the proposed government clearing house," said Adrian Lovney, General Manager, Business Development & Strategy.

"ClickSuper is an innovative online transaction service, providing a neutral transaction processing link and banking solution for small business, employees and their super funds."

Cuscal will continue the war on red tape by showcasing the significant efficiency and cost benefits of its ClickSuper electronic transaction service to superannuation industry delegates at this week's annual ASFA conference of peak superannuation funds.

ClickSuper is the result of a partnership between Cuscal and specialist Australian technology service provider Payment Adviser. Cuscal provides wholesale and transactional banking services to over 100 specialist retail financial institutions, including the majority of Australia's credit unions.

"We expect ClickSuper to play a critical role in fulfilling the vital need of small to medium enterprises faced with the red tape riddle of, mandated superannuation contribution payments," said Mr Lovney.

For super funds, ClickSuper seeks to help trustees to significantly reduce contribution processing times, minimise costly exception processing, and create efficiencies pre-validate member contribution details.

"The current focus of the Cooper Review into Australia's superannuation system, particularly the areas of superannuation payments efficiency and operational best practice, tell us these are high on the list of critical issues being addressed by superannuation funds," he said.

Mr Lovney said Cuscal was delighted to have developed an innovative, cost effective super payments solution for super funds and Australia's small to medium enterprises - which make up the vast bulk of the nation's employers.

He said the many benefits of ClickSuper for employers include the elimination of time consuming errors and returned payments; the validation of employee contribution details in a secure online environment; heightened security benefits including the minimisation of the risk of fraudulent activity; streamlined tax reporting and accounting due to fully automated reconciliation processes.

"On top of all this, the good news is that there is no upfront cost to employers to deploy ClickSuper," Mr Lovney said.

The service will be launched officially at next week's Association of Superannuation Funds of Australia annual conference (Wednesday 11 November), and will be operational from early 2010.

A pilot program is underway with small and medium employers who contribute to both retail and industry superannuation funds.

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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.

About Payment Adviser
Payment Adviser's smart technology radically simplifies the way data and payments are issued and processed by accurately and consistently tracking the transaction data and seamlessly linking it to an electronic payment to negate the need for reconciliation. The data can be downloaded to significantly save on administration costs or viewed as a PDF.

The technology is capable of integrating with global banking systems to support any type of transaction process that would benefit from the efficiency gains and cost savings that can be achieved by seamlessly linking payments with data to automate reconciliation.

Focusing on progressively replacing paper-based processes with faster, more efficient technology, Payment Adviser's solutions help organisations control and reduce costs, manage risk and improve customer service through the minimisation of payment errors.

For further information on Payment Adviser, please visit www.paymentadviser.com.au.

To arrange an interview or obtain further information, please contact:

Carden Calder / Jo Cross
BlueChip Communication
T: 02 9018 8600
M: 0403 333 904 / 0421 521 849