MessageXchange eliminates paper and manual processing in the Superannuation industry by providing straight-through processing of electronic member contributions and rollovers.

Contribution Processing

MessageXchange is widely used for automated straight-through processing of member contribution files. With over 2500 employers regularly uploading their payroll files for contribution processing, MessageXchange is one of the most extensively used platforms in the industry. MessageXchange automatically mediates between all file formats and the Industry Standard SwimEC format. This allows for seamless end-to-end processing of millions of member contributions every year. Because of the enormous number of member contributions and resulting messages, cost savings in the administration process have been remarkable. This ultimately means more money to each fund member.

MessageXchange:
·   Automatically validates file formats and data completeness.
·   Notifies relevant participants by email or SMS if there is an error and facilitates the correction of that error.
·   Provides a web interface that is pre-populated with relevant data for the contribution submitter to update any details.
·   Stores relevant data for business intelligence reporting.
·   Treats every contribution as a business process which allows MessageXchange to reconcile payment data with the actual payment as reported by the bank statements.

Rollover Processing

With super fund members able to choose which fund to make their contributions, it has become important to automatically manage the large number of rollover payments that the industry has to process every year. MessageXchange is ideally suited to manage this process because of its inherent B2B connectivity capabilities. Using FormXchange, members can simply select the fund that they wish to contribute to. MessageXchange will manage the processing of that request and provide a full and detailed audit trail of all the electronic communications associated.

With the current cost of managing rollover files manually at approximately $5.00 per member rollover** MessageXchange's automatic processes can reduce this to less than 50 cents per rollover. The savings across the Super Industry are substantial. As with contributions processing MessageXchange provides file format mediation between all electronic file formats and the Industry standard SwimEC. MessageXchange also offers a choice of transmission channels from a simple web-based file upload and download portal to B2B models such as Web Services, http(s), ftp(s), AS2 and others.

** The Australian Financial Review, Super industry faces major systems overhaul. P.9 Cooper Review. Wed 7 July, 2010